This image was lost some time after publication.

Local.com CEO and chairman Heath Clarke and several other top executives acquired over 500,000 shares in the company, according to SEC filings. Clarke alone acquired nearly 67,500 shares at $4.74, the price set on Friday's close. The filings follows weeks of rumors that a major search player would soon acquire Local.com, and would certainly make it easier for insiders to profit. But one industry source told me its as likely as not the rumors started with insiders at Local.com itself. That's something the SEC may want to take a glance at. But with or without Local.com's help, the local-search market continues to boom.

Local ad spending online will increase 48 percent in 2008 to $12.6 billion, after growing 44 percent in 2007, according to Borrell Associates. And Local.com has grown faster than the market, with local-ad revenues up 138 percent in 2007, beating Business.com at 84 percent and Google at 43 percent.

Of course, 138 percent growth is easy for a company that only took in $14 million in revenues last year. Doesn't Google make that much money in an eight-hour workday? Additionally, Local.com continues to disapoint analysts with its guidance. That could mean Local.com would make for a cheap acquisition. But it could also mean it's a poorly run company.