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Article: Wise investors consider the source of shocking business news.(Knight Ridder Newspapers)
- Article from:
- Knight Ridder/Tribune News Service
- Article date:
- August 28, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune News Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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There are lots of unknowns when it comes to the weird plunge Friday in Emulex Corp. shares, but this much is certain: Some investors _ probably the greediest and the most jittery _ lost a lot of money. And they didn't have to.
The share price of Emulex, a Cosa Mesa, Calif., maker of software and computer storage equipment, fell 62 percent, or $87, after a widely disseminated press release announced a high-level resignation, a restatement of past earnings and an investigation by the Securities and Exchange Commission.
An announcement such as this could hammer any stock, but this wasn't the usual bad news: The press release was fake.
Emulex ...