It's not looking good for Plus SMS, NZ

Link: SMS shares plummet as regulators move in – New Zealand’s source for business, stock market & currency news on Stuff.co.nz.

Plus SMS shares lost a further 25 per cent in value yesterday, and the Securities Commission began an investigation following a referral from the New Zealand Stock Exchange.

Shares dipped as low as 8 cents, and closed down 4c at 12c yesterday. That gave the text message business a capitalisation of $41.6 million, down from a peak of $267 million.

All the wrong noises it seems — I’ve been following this story for quite a while. (Thanks Alex)