Fake press release knocks $314 million off Aussie coal stock

“Mr Moylan admitted the hoax, and claimed it was justified by the environmental destruction he said would be wrought by the mine, near Narrabri in NSW.”

Read more: http://www.smh.com.au/business/mining-and-resources/hoax-press-release-sparks-whitehaven-plunge-20130107-2cc47.html#ixzz2HJfx6cTd”The man behind a hoax press release which wiped more than $314 million off the value of Nathan Tinkler’s Whitehaven Coal, and caused the company’s shares to be placed in a trading halt, has defended his actions as justified.” [Sydney Morning Herald]

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10 responses to “Fake press release knocks $314 million off Aussie coal stock

  1. These economic terrorists need to be brought to court and pay damages to set an example.

  2. Friend of John Galt

    Savvy investors call this a “buying opportunity.”

  3. Surely some laws have been broken here?

    • It’s clearly malicious libel. There’s really no better example out there. A similar hoax in America got the perpetrator 3 1/2 years in jail.

      http://en.wikipedia.org/wiki/Emulex_hoax

      Of course, protestors have gotten off with worse. After the stock was halted and trading resumed, shares went back to their previous levels. The long term harm was minimal.

  4. This has likely led some environmentalists to ponder the possibility of doing some profitable stock trading using this method. It’s such an obvious possibility that I’m sure journalists do some stock trading here and there based on the ‘hit pieces’ they publish from time to time. Which means that, if it were illegal, someone would have been stung by now.

  5. Well I was brought up a commoner (despite my MacGregor heritage). So money meant nothing to me – it was what others had – get what I mean?

    • I have family who work for coal companies, and I make no secret that I am in the employment of big oil. A false attack perpetrated by uninformed, malicious terrorists with a twisted idea of “saving the world” that involves impoverishing it (and, ironically, dooming many of those they attempt to save to poverty, disease, and starvation) hits on far too many buttons.

      It is an assault on myself
      an assault on my family
      an assault on my country
      an assault on my people, and
      an assault on humanity itself

      May the good Lord smite these fools with enough wisdom to understand the consequences of their actions.

  6. What’s going to happen when the people learn how the Global Warming eco-terrorists have destroyed their livelihood, the future of their children? Will the civil revolt move to a witch hunt burning the terrorists at the stake?

  7. Tyrants and terrorists both think the same way. The only difference is their methods. I am reminded of the old joke:
    Man in bar: “Would you sleep with me for $10000?”
    Woman in bar: “Certainly!”
    MIB: “Would you sleep with me for $1?”
    WIB: “What kind of girl do you think I am?”
    MIB: “We have already established that, my dear. We moved on to haggling over your price.”

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