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Misreporting Sparks UAL Share Collapse
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| Parent(s) |
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| Contributor | Ashley |
| Last Edited | Ashley Sep 08, 2008 01:59pm |
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| Category | News |
| News Date | Monday, September 8, 2008 07:00:00 PM UTC0:0 |
| Description | United Airlines' parent company UAL is blaming an erroneous report by the South Florida Sun Sentinel newspaper for starting a bankruptcy rumor that wiped out almost the entire market value of the company around 11 a.m. today.
According to the airline, the Sun Sentinel posted a story this morning reporting UAL's entry into Chapter 11 court protection. That story was then used as a source by other news outlets, including Bloomberg, which in turn caused a massive sell off of UAL's shares.
However, according to UAL, the Sun Sentinel story was written in 2002 by the Chicago Tribune, when the company had filed such an application. Both papers are owned by the Tribune Group. |
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