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Titan Sues to Block Damaging Anonymous Web Postings
By REUTERS
--------------------------------------------------------------------------------
Related Articles
Internet Wire to Turn Over Records in Fake Emulex Release Probe
(August 27, 2000)
On Hair-Trigger Wall Street, a Stock Plunges on Fake News
(August 26, 2000)
--------------------------------------------------------------------------------
AN DIEGO -- Technology services firm Titan Corp. said Wednesday it filed a lawsuit in a California court in an effort to prevent short sellers from using anonymous Internet messages to drive down its stock price.
The suit, which seeks damages and an injunction against further securities manipulation, was filed days after shares of Emulex Corp. plunged more than 50 percent when a bogus press release was posted on the Web claiming that the high-tech company`s chief executive was resigning and that it was being forced to revise 1998, 1999 and fourth quarter earnings reports.
The Emulex hoax has triggered fierce debate by investors and regulators over the Internet`s role in stock trading and disseminating information.
San Diego-based Titan said that in response to its lawsuit, the state superior court for Los Angeles County had issued a subpoena asking Internet portal operator Yahoo Inc.
to turn over its records showing the identity of the individuals who posted messages.
Titan said a scheme employing anonymous messages on Internet bulletin boards drove the price of its stock to $21 a share on Aug. 22 from $44-3/4 on May 1.
The stock was up $1-1/2 at $24 in midday trade on the New York Stock Exchange Wednesday.
"Titan has drawn a line in the sand. We will protect the interest of our shareholders. Titan will not tolerate irresponsible and illegal manipulation of its stock," Chairman Gene Ray said in a statement.
Titan claims in the lawsuit that short sellers are posting false anonymous messages on Internet bulletin boards and using the media to spread false statements and rumors about the company.
The company said its own investigation has identified about three dozen screen names used to spread the false information over the Internet.
quelle http://www.nytimes.com/library/tech/00/08/biztech/articles/3…
...kennen wir doch auch...oder ???
------------------------------------
Titan Sues to Block Damaging Anonymous Web Postings
By REUTERS
--------------------------------------------------------------------------------
Related Articles
Internet Wire to Turn Over Records in Fake Emulex Release Probe
(August 27, 2000)
On Hair-Trigger Wall Street, a Stock Plunges on Fake News
(August 26, 2000)
--------------------------------------------------------------------------------
AN DIEGO -- Technology services firm Titan Corp. said Wednesday it filed a lawsuit in a California court in an effort to prevent short sellers from using anonymous Internet messages to drive down its stock price.
The suit, which seeks damages and an injunction against further securities manipulation, was filed days after shares of Emulex Corp. plunged more than 50 percent when a bogus press release was posted on the Web claiming that the high-tech company`s chief executive was resigning and that it was being forced to revise 1998, 1999 and fourth quarter earnings reports.
The Emulex hoax has triggered fierce debate by investors and regulators over the Internet`s role in stock trading and disseminating information.
San Diego-based Titan said that in response to its lawsuit, the state superior court for Los Angeles County had issued a subpoena asking Internet portal operator Yahoo Inc.
to turn over its records showing the identity of the individuals who posted messages.
Titan said a scheme employing anonymous messages on Internet bulletin boards drove the price of its stock to $21 a share on Aug. 22 from $44-3/4 on May 1.
The stock was up $1-1/2 at $24 in midday trade on the New York Stock Exchange Wednesday.
"Titan has drawn a line in the sand. We will protect the interest of our shareholders. Titan will not tolerate irresponsible and illegal manipulation of its stock," Chairman Gene Ray said in a statement.
Titan claims in the lawsuit that short sellers are posting false anonymous messages on Internet bulletin boards and using the media to spread false statements and rumors about the company.
The company said its own investigation has identified about three dozen screen names used to spread the false information over the Internet.
quelle http://www.nytimes.com/library/tech/00/08/biztech/articles/3…
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