A week ago Google disabled IncrediMail’s adsense account and the stock price of the public company, which relies heavily on Google revenue, promptly tanked.

Today they were given a stay of execution: “Google and IncrediMail are now co-operating with the goal of resolving any remaining compliance issues, if any.”

What happened? Neither side is going to say. But it’s a safe bet that some significant level of click fraud was occurring on IncrediMail; it’s the only obvious reason Google would have to ban them.

Will IncrediMail’s stock price fully rebound? I’m betting it won’t – investors are all too aware, now, of IncrediMail’s reliance on a single revenue partner. Keep an eye on the stock and we’ll see if I’m wrong.