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Hoax email: Tinkler shares drop

Posted by: 2UE | 8 January, 2013 - 8:35 AM
Shares plunge overnight as warnings of recession return

ANZ says it remains supportive of the Nathan Tinkler owned Whitehaven Coal after a hoax press release sent share prices plummeting more than 8%. Stuart Bocking looks at the consequences with Ian Verrender.

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The corporate watchdog will investigate if any laws were broken when Whitehaven Coal lost more than 276 million dollars in market value after falling victim to a hoax media release.

Anti-coal mining group Front Line Action on Coal sent press releases to major media outlets claiming the ANZ Bank had pulled its one-point-two billion dollar loan to the miner.

The release came from a fake ANZ email address, contained the bank's letterhead and the names of actual ANZ corporate staff and after media outlets began reporting the release, investors started dumping the stock,which dropped by nearly eight per cent.

The Australian Securities and Investments Commission says it is investigating the matter.

Hoax another red flag on market manipulation

Jonathon Moylan

ERIC JOHNSTON Comment: Around lunch time on a hot January day was the perfect time for Jonathan Moylan to set about causing a minor stir on the nation's markets.

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