ProQuest is the company that supplies several of the major U.S. genealogy databases at HeritageQuest Online. The available online databases include images of all U.S. census records, more than 25,000 local and family history books with every word indexed, Revolutionary War pension records, Freedman's Bank records and more.
The company recently discovered accounting inaccuracies and notified its shareholders that it will be restating its financial results from 1999 to today.
On Friday, ProQuest representatives said the company will restate lower certain results due to accounting irregularities and is looking at the sale of its business solutions segment. That would seem to indicate that the genealogy databases are not being placed on the auction block although final decisions apparently have not yet been determined. The genealogy business would appear to not be a part of the "business solutions segment."
The company also said it was discussing with its lenders and note holders to temporarily waive its existing default.
Chief Executive Officer Alan Aldworth said, "Given ProQuest's current financial circumstances we believe the sale of Business Solutions may be in the best interests of the company."
Shares of the company fell nearly 28 percent on Friday to $15.70 on the Nasdaq stock exchange.