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NEW YORK — In light of an ongoing SEC probe into the financial records of L90, eUniverse has called off its proposed merger with the Los Angeles-based online media and direct-marketing outfit.
“We believe that based on the preliminary terms we have reached with L90 governing the termination of the merger agreement, coupled with the uncertainty of the conclusion of L90’s pending SEC investigation, it is in the best interest of our shareholders at this time to terminate the existing merger agreement with L90,” Brad Greenspan, chairman and CEO of eUniverse, said in a statement.
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