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VeriSign Inc. (VRSN), an operator of Web domain name registries, fell the most in more than seven years after it said regulators have delayed a review of the company’s contract for that business.
VeriSign plunged 15 percent to $39.39 at the close in New York, the biggest decline since July 2005. The stock, up 30 percent this year through yesterday, today led decliners in the Standard & Poor’s 500 Index.
VeriSign, which operates the registry for .com names, submitted the company’s agreement to provide that service to the U.S. Commerce Department on June 26 and anticipated an approval by Nov. 30, according to a statement yesterday. The agency, which along with the U.S. Department of Justice, is reviewing the agreement and may not complete the review on time, the Reston, Virginia-based company said. VeriSign Shares Fall Over Uncertainty Of Its Growth Profile [bloomberg.com]