Thought the Webpavement blog readers would enjoy this story. Webpavement enjoys keeping an eye on the few public digital signage companies that exist today. For those of you that would like to have our public digital signage company watch list, we will post it in a future blog.
Here is some interesting information from David Lott's (CEO) Limelight media group.
Limelight media group (otc: lmmg.ob) is a Nevada based company with operations in Memphis, Tennessee. Limelight is partnered with Impart Technologies of Seattle - a company that has managed services contracts with financial institutions. See the details of their partnership from a June 30, 2004 press release.
Limelight is in the digital signage industry and offers "in-theater," "in-lobby," and interactive promotional advertising mediums for the cinema advertising industry.
The mishap occurred on August 18th. Based on news reports from Investors Business Daily (IBD story) and CNET (CNET story), an un-named source (not sure if it's from LMMG or another 3rd party) reportedly paid thesubway.com $50,000 to purchase then tout the Limelight stock. Emails and faxes were blasted to potential investor lists. Have a look at the chart and pay attention to August 18th's traded shares volume.
The story ends with a retraction by Limelight and an internal investigation. As a result of a Limelight internal investigation, changes to Limelight's structure, policies, and procedures are in process and will be implemented and reported at the earliest possible point.