The $3 Billion Rumor

from the ouch dept

Last week PeopleSoft lost nearly $3 billion in their valuation thanks to an instant message sent around by a hedge fund partner. The IM suggested that PeopleSoft had accounting irregularities and some huge lawsuits going on. It turns out this wasn’t true, and the guy from the hedge fund later retracted his statements. PeopleSoft, however, is understandably pissed, and have sent all the info they have about this guy to the SEC.

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Comments on “The $3 Billion Rumor”

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Ed says:


What is wrong with people that valuations will change by billions based on unsubstantiated rumors, whether they’re instant messages or fake press releases or anonymous messages on unmoderated message boards?!? I think it’s a sign that the stock market is still subject to the “madness of crowds” which implies that there’s still plenty of room to crash further.

PS. My dentist’s cousin’s ex-husband overheard someone on on a cell-phone at the laundromat saying that the EU is about to launch a major legal action against Microsoft.

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