“An 18-year-old posted the fake Internet report that Apple Inc. Chief Executive Officer Steve Jobs had suffered a heart attack, and investigators haven’t found evidence the teenager tried to profit from driving down the stock, two people with knowledge of the matter said,” David Scheer reports for Bloomberg.
“The U.S. Securities and Exchange Commission is examining the teen’s motives after the article on CNN’s iReport.com sent Apple shares down as much as 5.4 percent on Oct. 3, according to the people, who declined to be identified because the probe isn’t public. While the investigation is continuing, the agency hasn’t unearthed any trading records that show he benefited from the drop, one of them said,” Scheer reports.
“John Heine, an SEC spokesman in Washington, and Apple spokesman Steve Dowling declined to comment,” Scheer reports. “CNN spokeswoman Jennifer Martin said yesterday that the cable news channel wasn’t aware of the age or identity of the person behind the iReport post. CNN doesn’t plan to review its procedures for placing content on iReport, Martin said, declining to comment further.”
“The bogus report cut Apple’s market value by at least $4.8 billion in the first hour of Nasdaq Stock Market trading before a spokesman for the Cupertino, California-based maker of iPods and Macintosh computers said the report wasn’t true. The shares recovered a bit, closing down 3 percent,” Scheer reports.
More in the full article here.
[Thanks to MacDailyNews Reader “iWill” for the heads up.]