Shares of Millionaire.com (Nasdaq: MLRE), which runs a high-end online auction house and also offers classified ads for Rolls Royces and Porsches, were down more than 20 percent to 2-7/8 in early trading today. This came after a 28 percent drop on Thursday.
It appears that the stock is being sold off because the company’s past capital raising activities are being investigated by the SEC, which is also probing past trading in the company’s securities.
But there’s another obvious concern. How many $50,000 cars do you really expect to sell via a Web site?