Nasty Prank Sends Apple Stock Plummeting

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Filed under: Fraud and Deception

CNN hands over info on author of Steve Jobs rumor
by Jessica Mintz
October 4, 2008

Seattle (AP) - A CNN-owned Web site called iReport.com, which publishes reports written by ordinary citizens, said Friday it will give the Securities and Exchange Commission information about the author of an item that claimed Apple CEO Steve Jobs had suffered a heart attack.

The early morning report, which Apple Inc. spokesman Steve Dowling said was not true, sent shares plummeting to their lowest point in a year. The stock recovered around the time the post was removed from iReport.com, but ended the day off 3 percent at $97.07 amid a broader market slide.

An SEC spokesman declined to comment.

Jobs, who survived pancreatic cancer, has remained quiet on the topic of his health despite appearing extremely thin in recent public appearances.

CNN spokeswoman Jennifer Martin said the SEC contacted iReport.com Friday afternoon, and that the site’s staff is “doing its best to provide them with information about the posting.” Read the rest of the article here.

image: examiner.com