Misplaced Pages

#80919

74-554: Its name was later used interchangeably with its Gain advertising network, which it claimed serviced over 50 million users. Claria exited the adware business at the end of second quarter 2006, and eventually shut down completely in October 2008. The "Gator" (also known as Gain AdServer ) products collected personal information from its unknowing users, including websites visited and portions of credit card numbers to target and display ads on

148-568: A better result. In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price. An article in

222-455: A company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering . This method provides capital for various corporate purposes through the issuance of equity (see stock dilution ) without incurring any debt. This ability to quickly raise potentially large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to

296-421: A firm's stock of patents mitigates this effect. A Dutch auction allows shares of an initial public offering to be allocated based only on price aggressiveness, with all successful bidders paying the same price per share. One version of the Dutch auction is OpenIPO , which is based on an auction system designed by economist William Vickrey . This auction method ranks bids from highest to lowest, then accepts

370-435: A new company NebuAd was formed with some former Claria employees with another approach to targeted advertisements. On April 21, 2008, Claria sold the gator.com domain. In October 2008, rebranded as Jelly Cloud, the company quietly shut down. Adware Adware , often called advertising-supported software by its developers, is software that generates revenue by automatically displaying online advertisements in

444-461: A preliminary prospectus, known as a red herring prospectus , during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the Facebook IPO red herring. During

518-477: A separate detection module. A new wrinkle is adware that disables anti-malware and virus protection; technical remedies are available. Adware has also been discovered in certain low-cost Android devices, particularly those made by small Chinese firms running on Allwinner systems-on-chip . There are even cases where adware code is embedded deep into files stored on the system and boot partitions, to which removal involves extensive (and complex) modifications to

592-431: A variety of ways, including a static box display, a banner display, a full screen, a video , a pop-up ad or in some other form. All forms of advertising carry health, ethical, privacy and security risks for users. The 2003 Microsoft Encyclopedia of Security and some other sources use the term "adware" differently: "any software that installs itself on your system without your knowledge and displays advertisements when

666-484: Is theglobe.com IPO which helped fuel the IPO "mania" of the late 1990s internet era. Underwritten by Bear Stearns on 13 November 1998, the IPO was priced at $ 9 per share. The share price quickly increased 1,000% on the opening day of trading, to a high of $ 97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $ 63. Although the company did raise about $ 30  million from

740-539: Is an expensive process, IPOs also typically involve one or more law firms with major practices in securities law , such as the Magic Circle firms of London and the white-shoe firms of New York City. Financial historians Richard Sylla and Robert E. Wright have shown that before 1860 most early U.S. corporations sold shares in themselves directly to the public without the aid of intermediaries like investment banks. The direct public offering (DPO), as they term it,

814-429: Is childhood eating disorders—several studies have reported a positive association between exposure to beauty and fashion magazines and an increased level of weight concerns or eating disorder symptoms in girls. The term adware is frequently used to describe a form of malware (malicious software) which presents unwanted advertisements to the user of a computer. The advertisements produced by adware are sometimes in

SECTION 10

#1732855794081

888-443: Is downloaded or installed on a computer without the user's knowledge and consent. Unresolved issues remain concerning how, what and when consumers need to be told about software installed on their computers. For instance, distributors often disclose in an end-user license agreement that there is additional software bundled with primary software, but some participants did not view such disclosure as sufficient to infer consent. Much of

962-451: Is low enough to stimulate interest in the stock but high enough to raise an adequate amount of capital for the company. When pricing an IPO, underwriters use a variety of key performance indicators and non-GAAP measures. The process of determining an optimal price usually involves the underwriters ("syndicate") arranging share purchase commitments from leading institutional investors. Some researchers (Friesen & Swift, 2009) believe that

1036-462: Is possible that the financial incentives of the advisor and client may not be aligned. The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under a specific circumstance known as the greenshoe or overallotment option. This option is always exercised when the offering is considered a "hot" issue, by virtue of being oversubscribed. In the US, clients are given

1110-399: Is to generate additional interest in the stock and a rapid rise in share price when it first becomes publicly traded (known as an "IPO pop"). Flipping , or quickly selling shares for a profit , can lead to significant gains for investors who were allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example

1184-582: Is typically underwritten by one or more investment banks , who also arrange for the shares to be listed on one or more stock exchanges . Through this process, colloquially known as floating , or going public , a privately held company is transformed into a public company . Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. After

1258-452: Is usually underwritten by a " syndicate " of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee is called an underwriting spread . The spread is calculated as a discount from the price of the shares sold (called the gross spread ). Components of an underwriting spread in an initial public offering (IPO) typically include

1332-436: The firmware . In recent years, machine-learning based systems have been implemented to detect malicious adware on Android devices by examining features in the flow of network traffic. Initial public offering An initial public offering ( IPO ) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO

1406-498: The publicani were legal bodies independent of their members whose ownership was divided into shares, or partes . There is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum , near the Temple of Castor and Pollux . The shares fluctuated in value, encouraging the activity of speculators, or quaestors . Mere evidence remains of

1480-521: The "Gator Boycott List." In February 2004, Gator made a confidential settlement of litigation brought against it by seven top newspaper publishers, including The Washington Post , the New York Post , The New York Times , and Dow Jones . The Washington Post , L.L. Bean and Extended Stay America suits were similarly settled. Gator corporation released a suite of "free" Internet applications that performed various tasks. However, after installing

1554-507: The Dutch auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries. In determining the success or failure of a Dutch auction, one must consider competing objectives. If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses to bid or what strategy each bidder chooses to follow. From

SECTION 20

#1732855794081

1628-407: The Dutch auction system for its initial public offering. Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance,

1702-470: The IPO are restricted from issuing any earnings forecasts or research reports for the company. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. A three-day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering. Not all IPOs are eligible for delivery settlement through the DTC system , which would then either require

1776-509: The IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with

1850-495: The Wall Street Journal cited the reasons as "broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks". Under American securities law, there are two-time windows commonly referred to as "quiet periods" during an IPO's history. The first and the one linked above is the period of time following the filing of the company's S-1 but before SEC staff declare

1924-446: The applications, a user would continually be shown ads from the Gain network, even when the programs were not running in the foreground. This suite included: While using the software, a user was shown advertisements. According to Computer Associates ' spyware information center, all applications in the suite are classified as both adware and spyware , as they both display ads unrelated to

1998-408: The assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket). Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give

2072-422: The capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in

2146-407: The company (primary offering) as well as to any early private investors who opt to sell all or a portion of their holdings (secondary offerings) as part of the larger IPO. An IPO, therefore, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of the debt, or working capital. A company selling common shares is never required to repay

2220-620: The computer user's activities without their consent and reports it to the software's author is called spyware . Adware may collect the personal information of the user, causing privacy concerns. Most adware operates legally and some adware manufacturers have even sued antivirus companies for blocking adware. Programs have been developed to detect, quarantine and remove advertisement-displaying malware, including Ad-Aware , Malwarebytes' Anti-Malware , Spyware Doctor and Spybot – Search & Destroy . In addition, almost all commercial antivirus software currently detect adware and spyware, or offer

2294-519: The computers of web surfers. It billed itself as the "leader in online behavioral marketing". The company changed its name to Claria Corporation on October 30, 2003 in an effort to "better communicate the expanding breadth of offerings that [they] provide to consumers and advertisers", according to CEO and President Jeff McFadden. Originally released in 1999, Gator was most frequently installed together with programs being offered free of charge, such as Go!Zilla , or Kazaa . The development of these programs

Claria Corporation - Misplaced Pages Continue

2368-442: The concession, while the member of the syndicate who provided the shares to that broker-dealer would retain the underwriting fee. Usually, the managing/lead underwriter, also known as the bookrunner , typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the gross spread , up to 8% in some cases. Multinational IPOs may have many syndicates to deal with differing legal requirements in both

2442-479: The developer may provide the software to the user free of charge or at a reduced price. The income derived from presenting advertisements to the user may allow or motivate the developer to continue to develop, maintain and upgrade the software product. The use of advertising-supported software in business is becoming increasingly popular, with a third of IT and business executives in a 2007 survey by McKinsey & Company planning to be using ad-funded software within

2516-708: The development of the software with higher fees for advertisers. Examples of advertising-supported software include Adblock Plus ("Acceptable Ads"), the Windows version of the Internet telephony application Skype , and the Amazon Kindle 3 family of e-book readers , which has versions called "Kindle with Special Offers" that display advertisements on the home page and in sleep mode in exchange for substantially lower pricing. In 2012, Microsoft and its advertising division, Microsoft Advertising , announced that Windows 8 ,

2590-480: The discussion on the topic involves the idea of informed consent , the assumption being that this standard eliminates any ethical issues with any given software's behavior. If a majority of important software, websites and devices were to adopt similar behavior and only the standard of informed consent is used, then logically a user's only recourse against that behavior would become not using a computer. The contract would become an ultimatum —agree or be ostracized from

2664-496: The email service Gmail and other Google Workspace products (previously called Google Apps and G Suite), and the social network Facebook . Microsoft has also adopted the advertising-supported model for many of its social software SaaS offerings. The Microsoft Office Live service was also available in an advertising-supported mode. In the view of Federal Trade Commission staff, there appears to be general agreement that software should be considered " spyware " only if it

2738-448: The final IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and today, also electronically file with the SEC ) the registration statement on Form S-1. Typically, preparation of the final prospectus is actually performed at the printer, wherein one of their multiple conference rooms the issuer, issuer's counsel (attorneys), underwriter's counsel (attorneys),

2812-468: The following (on a per-share basis): Manager's fee, Underwriting fee—earned by members of the syndicate, and the Concession—earned by the broker-dealer selling the shares. The Manager would be entitled to the entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker-dealer who is not a member of the syndicate but sells shares would receive only

2886-554: The following two years. Advertisement-funded software is also one of the business models for open-source software . Some software is offered in both an advertising-supported mode and a paid, advertisement-free mode. The latter is usually available after buying a license or registration code that unlocks the mode or a separate version of the software. Some software authors offer advertising-supported versions of their software as an alternative option to business organizations seeking to avoid paying large sums for software licenses, funding

2960-427: The form of a pop-up , sometimes in an "unclosable window" and sometimes injected into web pages. When the term is used in this way, the severity of its implication varies. While some sources rate adware only as an "irritant", others classify it as an "online threat" or even rate it as seriously as computer viruses and trojans . The precise definition of the term in this context also varies. Adware that observes

3034-407: The fundamental ad-supported nature of many Internet publishers by replacing banner ads on web sites with its own, thereby depriving the content provider of the revenue necessary to continue providing that content. In June 2002 a number of large publishers, including the New York Post , The New York Times and Dow Jones & Company , sued Gator Software for its practice of replacing ads. Most of

Claria Corporation - Misplaced Pages Continue

3108-421: The highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction Treasury bills , notes, and bonds since the 1990s. Before this, Treasury bills were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay

3182-500: The install process, users must choose whether to install the "free" version (which serves lots of ads as described above) or to pay the $ 30 for a version that serves no ads. Since the announcement to shut the ad network down, Claria has stopped accepting payment for "ad free" versions. Despite its unpopular reputation, Claria Corporation received backing from major venture capital firms, including Greylock , Technology Crossover Ventures , and U.S. Venture Partners . Andy Bechtolsheim

3256-458: The issued shares, the stock may fall in value on the first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best-known example of this is the Facebook IPO in 2012. Underwriters, therefore, take many factors into consideration when pricing an IPO, and attempt to reach an offering price that

3330-425: The issuer's domestic market and other regions. For example, an issuer based in the E.U. may be represented by the major selling syndicate in its domestic market, Europe, in addition to separate group corporations or selling them for US/Canada and Asia. Usually, the lead underwriter in the head selling group is also the lead bank in the other selling groups. Because of the wide array of legal requirements and because it

3404-483: The lawsuits were settled out of court in February 2003. Gator attempted to combat spyware labels with litigation . In September 2003 the company threatened sites such as PC Pitstop with libel lawsuits. As part of a settlement signed Sept. 30, (2003), PC Pitstop--which scans computers for hostile and otherwise undesirable code--removed pages from its Spyware Information Center with such titles as "Is Gator Spyware?" and

3478-654: The lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the filing of the final prospectus by the financial printer with the Securities and Exchange Commission. Before legal actions initiated by New York Attorney General Eliot Spitzer , which later became known as the Global Settlement enforcement agreement, some large investment firms had initiated favorable research coverage of companies in an effort to aid corporate finance departments and retail divisions engaged in

3552-426: The listing regime. Planning is crucial to a successful IPO. One book suggests the following seven planning steps: IPOs generally involve one or more investment banks known as " underwriters ". The company offering its shares, called the "issuer", enters into a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell those shares. A large IPO

3626-506: The major release of the Microsoft Windows operating system, would provide built-in methods for software authors to use advertising support as a business model. The idea had been considered since as early as 2005. Most editions of Windows 10 include adware by default. Support by advertising is a popular business model of software as a service (SaaS) on the Web . Notable examples include

3700-576: The marketing of new issues. The central issue in that enforcement agreement had been judged in court previously. It involved the conflict of interest between the investment banking and analysis departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees. A typical violation addressed by

3774-440: The modern world. This is a form of psychological coercion and presents an ethical problem with using implied or inferred consent as a standard. There are notable similarities between this situation and binding arbitration clauses which have become inevitable in contracts in the United States. Furthermore, certain forms and strategies of advertising have been shown to lead to psychological harm, especially in children. One example

SECTION 50

#1732855794081

3848-427: The offering, it is estimated that with the level of demand for the offering and the volume of trading that took place they might have left upwards of $ 200 million on the table. The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of

3922-405: The open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a fixed price , through a secondary market offering . This type of offering is not dilutive since no new shares are being created. Stock prices can change dramatically during a company's first days in the public market. Once

3996-523: The option to remove the software). Microsoft was reportedly contemplating the purchase of Claria, which many consumers felt to be a conflict of interest. Other spyware-reporting agencies, such as Computer Associates and Panda Software 's TruPrevent Technologies , still label Claria products as both adware and spyware. In March 2006, Claria claimed that it would be exiting the adware business and focusing on personalized search technology. On July 1, 2006, Claria ceased displaying pop-up ads. Around this time,

4070-401: The physical delivery of the stock certificates to the clearing agent bank's custodian or a delivery versus payment (DVP) arrangement with the selling group firm. "Stag profit" is a situation in the stock market before and immediately after a company's initial public offering (or any new issue of shares). A "stag" is a party or individual who subscribes to the new issue expecting the price of

4144-653: The previously private company: There are several disadvantages to completing an initial public offering: IPO procedures are governed by different laws in different countries. In the United States, IPOs are regulated by the United States Securities and Exchange Commission under the Securities Act of 1933 . In the United Kingdom, the UK Listing Authority reviews and approves prospectuses and operates

4218-536: The prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with the fall of the Republic and the rise of the Empire . In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company becomes publicly listed, the money paid by the investing public for the newly issued shares goes directly to

4292-465: The process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus . Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter. Underwriters provide several services, including help with correctly assessing

4366-400: The product while the primary user interface is not visible. These programs all employ the user's Internet connection to report behavior information back to Claria. Although the user's explicit consent is always required to install these applications, Claria took advantage of the fact that most users choose not bothering to educate themselves about what they are installing. In most cases, during

4440-512: The quiet period, the shares cannot be offered for sale. Brokers can, however, take indications of interest from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission. The final step in preparing and filing

4514-413: The registration statement effective. During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO (U.S. Securities and Exchange Commission, 2005). The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading. During this time, insiders and any underwriters involved in

SECTION 60

#1732855794081

4588-549: The same price. Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only uniform price auctions have been used so far in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds). A variation of the Dutch auction has been used to take a number of U.S. companies public including Morningstar , Interactive Brokers Group , Overstock.com , Ravenswood Winery, Clean Energy Fuels, and Boston Beer Company . In 2004, Google used

4662-466: The settlement was the case of CSFB and Salomon Smith Barney , which were alleged to have engaged in the inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the Securities Exchange Act of 1934 . A company planning an IPO typically appoints a lead manager, known as a bookrunner , to help it arrive at an appropriate price at which

4736-414: The shares should be offered. There are two primary ways in which the price of an IPO can be determined. Either the company, with the help of its lead managers, fixes a price ("fixed price method"), or the price can be determined through analysis of confidential investor demand data compiled by the bookrunner (" book building "). Historically, many IPOs have been underpriced. The effect of underpricing an IPO

4810-419: The stock to rise immediately upon the start of trading. Thus, stag profit is the financial gain accumulated by the party or individual resulting from the value of the shares rising. This term is more popular in the United Kingdom than in the United States. In the US, such investors are usually called flippers, because they get shares in the offering and then immediately turn around " flipping " or selling them on

4884-447: The underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, and more the result of an over-reaction on the part of investors (Friesen & Swift, 2009). One potential method for determining to underprice is through the use of IPO underpricing algorithms . Other researchers have discovered that firms with higher revenues from licensing-based technology commercialization exhibit greater IPO underpricing, while

4958-399: The underwriters. A licensed securities salesperson ( Registered Representative in the US and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the client's advisor, it

5032-505: The user browses the Internet", i.e., a form of malware . Some developers offer software free of charge and rely on advertising revenue to recoup their expenses and generate income. Some offer a version without advertising, for a fee. In legitimate software , the advertising functions are integrated into or bundled with the program. Adware is usually seen by the developer as a way to recover development costs and generate revenue. In some cases,

5106-455: The user interface or on a screen presented during the installation process. The software may generate two types of revenue: one is for the display of the advertisement and another on a " pay-per-click " basis, if the user clicks on the advertisement. Some advertisements also act as spyware , collecting and reporting data about the user, to be sold or used for targeted advertising or user profiling . The software may implement advertisements in

5180-517: The value of shares (share price) and establishing a public market for shares (initial sale). Alternative methods such as the Dutch auction have also been explored and applied for several IPOs. The earliest form of a company which issued public shares was the case of the publicani during the Roman Republic , although this claim is not shared by all modern scholars. Like modern joint-stock companies,

5254-405: The viewpoint of the investor, the Dutch auction allows everyone equal access. Moreover, some forms of the Dutch auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at price discovery , although the theory behind this is based on

5328-690: Was an early investor. They filed for a $ 150 million IPO in April 2004, stating income of $ 35 million on revenues of $ 90 million in 2003. Investors were concerned that its practices might be illegal, at least in Utah at the time. Another concern was that most revenue came from one partner: Yahoo Overture . Claria withdrew the filing in August 2004. In July 2005, Microsoft Corporation came under fire when it revealed that their anti-spyware product would no longer quarantine Claria software as "spyware" (though it still offered users

5402-513: Was not done by auction but rather at a share price set by the issuing corporation. In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks. The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include: Public offerings are sold to both institutional investors and retail clients of

5476-543: Was partially funded by revenue from advertising displayed by Gator. By mid-2003 Gator was installed on an estimated 35 million PCs. Even though Gator was installed with an uninstall available via Add/Remove Programs in the Control Panel on Microsoft Windows , many spyware removal tools can also detect and remove it. Gator's end user license agreement attempted to disallow its manual removal by prohibiting "unauthorized means" of uninstallation. The Gator software undercut

#80919