Shopping.com scrambles for further funding

NEWS US online retailer, shopping.com, has filed documents with the US stock exchange regulator which reveal that it needs up to $30m further financing to stay afloat. In March shopping.com's chairman, Bill Goss, resigned. The move came in the wake of an investigation by the US Securities Exchange Commission into its share price, although Goss insisted his decision was not connected to the inquiry. In May, a securities fraud class action suit was launched by shopping.com shareholders. The suit alleges senior managers were guilty of manipulating the company's share price. The shares were floated at $9 and quickly rose to $32. At the time of writing, shares in shopping.com are trading at $20.