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Concerns about violations of the federal CAN-SPAM Act have prompted the Federal Trade Commission to investigate; shares continue to move upward. A regulatory filing by ValueClick revealed the awful truth of a regulatory inquiry, courtesy of the FTC.

Interest has swirled around ValueClick, as companies like DoubleClick, Right Media, 24/7 Real Media, and aQuantive have been snapped up by bigger firms. Andy Beal sees that interest cooling for the moment:

While experts believe ValueClick is in fact following the CAN-SPAM law, until the investigation is complete, I doubt any suitor would want to take their hand in marriage.

Interest from the FTC has centered on "certain ValueClick websites which promise consumers a free gift of substantial value, and the manner in which the Company drives traffic to such websites, in particular through email."

Until that little bombshell slipped into ValueClick's inbox, the company said it had no knowledge the FTC was investigating it for any reason.

Despite the attention from the FTC, shares of ValueClick continued to enjoy a boost today. Shares were up $3.20 to $33.20 at press time.