Answer: Yes. But this article asks all the right questions–and the answer is not the same for every company. For most firms, the answer is no–they simply do not offer the services needed to actually fix a damaged internet defamation. However, some companies are able to offer the correct their services in a way that actually effects the changes that clients want to see.
http://www.businessweek.com/smallbiz/content/apr2008/sb20080430_356835.htm