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HolidayBuyer's Guide
Tech Industry

Shopping.com shopping for funds

The e-commerce company hires Ladenburg Thalmann as its investment banker to evaluate "potential strategic opportunities."

Shopping.com said today that it has hired Ladenburg Thalmann as its investment banker to evaluate "potential strategic opportunities."

In a regulatory filing yesterday, the e-commerce company said it needed to secure additional financing.

"Management of the company believes that its current cash on hand, plus the existing working capital, will not be sufficient to sustain current operations for the balance of the fiscal year ending January 31," Shopping.com said in a filing with the Securities and Exchange Commission. "The company is currently negotiating with several investors about raising additional capital through private placement offerings."

Chief executive John Markley had no comment on today's announcement beyond his prepared statement, which said: "We feel [Landenburg Thalmann] has the experience to assist Shopping.com in capitalizing on the near- and long-term opportunities which are before us."

As reported, the SEC temporarily suspended over-the-counter trading of Shopping.com shares in March, citing potentially "manipulative conduct." The shares resumed trading in April, about ten days before the company was hit with a securities fraud lawsuit.