L90 said today that it had formally terminated its merger agreement with eUniverse, and had agreed to pay that firm’s merger-related expenses.
In addition, it said that Thomas A. Sebastian had resigned as its chief financial officer, effective March 19.
Sebastion was placed on administrative leave on March 10, a day before the company announced the collapse of merger talks with eUniverse. CEO John C. Bohan also resigned at that time.
One month earlier, L90 had announced that it would be acquired by eUniverse in a cash deal worth up to $55 million.
L90 blamed the merger collapse on a pending Securities and Exchange Commission investigation into its financial records, and the uncertainty as to when the probe would be completed.
Network
