US: United Airlines stock plummets after old bankruptcy story re-surfaces
Posted by Katherine Thompson on September 9, 2008 at 11:46 AM
On Monday afternoon, United Airlines stock plunged 76 percent due to a six-year-old Chicago Tribune story about the companies previous Chapter 11 bankruptcy filing.
The article surfaced on the South Florida Sun-Sentinel's website through a Google search conducted by a Florida investment newsletter, Income Securities Advisors. The article was incorrectly dated from this past weekend and was then disseminated through news brief over Bloomberg News.
The incident triggered a massive sell-off of UAL's shares until trading was halted. Shares bounced back later in the day when it was discovered that the story was not current. United has demanded a retraction from the Sun-Sentinel and plans on launching an investigation.
Edited by Lauren Drablier
Sources: Editor & Publisher, Bloomberg, Financial Times, Los Angeles Times, Le Monde
The article surfaced on the South Florida Sun-Sentinel's website through a Google search conducted by a Florida investment newsletter, Income Securities Advisors. The article was incorrectly dated from this past weekend and was then disseminated through news brief over Bloomberg News.
The incident triggered a massive sell-off of UAL's shares until trading was halted. Shares bounced back later in the day when it was discovered that the story was not current. United has demanded a retraction from the Sun-Sentinel and plans on launching an investigation.
Edited by Lauren Drablier
Sources: Editor & Publisher, Bloomberg, Financial Times, Los Angeles Times, Le Monde
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