Hoax e-mail costs Apple dearly

2007-05-18 14:21
 
Johannesburg - A fake report claiming that the release of both Apple's iPhone and its Leopard operating system were being delayed saw up to $4bn of Apple's market value wiped on Wednesday, although it subsequently recovered. The post made on the Engadget website at 11:49 on Wednesday said that an e-mail (purporting to be an internal Apple memo) had been circulated saying that the release of the iPhone had been put back to October and that Leopard wouldn't be ready until January 2008. Although the e-mail turned out to be a fake, Apple quickly issued an e-mail denying the claim and saying both the iPhone and Leopard were still on target. Engadget corrected the post, but Apple shares tumbled from $107.89 to $103.42 within six minutes from 11:56 and 12:02. Apple quickly notified Engadget of the error, saying: "This communication is fake and did not come from Apple. Apple is on track to ship iPhone in late June and Mac OS X Leopard in October." By 12:22 on Wednesday, Apple stock had mostly recovered and it ended the day down just $1.40/share. Johannesburg - A fake report claiming that the release of both Apple's iPhone and its Leopard operating system were being delayed saw up to $4bn of Apple's market value wiped on Wednesday, although it subsequently recovered. The post made on the Engadget website at 11:49 on Wednesday said that an e-mail (purporting to be an internal Apple memo) had been circulated saying that the release of the iPhone had been put back to October and that Leopard wouldn't be ready until January 2008. Although the e-mail turned out to be a fake, Apple quickly issued an e-mail denying the claim and saying both the iPhone and Leopard were still on target. Engadget corrected the post, but Apple shares tumbled from $107.89 to $103.42 within six minutes from 11:56 and 12:02. Apple quickly notified Engadget of the error, saying: "This communication is fake and did not come from Apple. Apple is on track to ship iPhone in late June and Mac OS X Leopard in October." By 12:22 on Wednesday, Apple stock had mostly recovered and it ended the day down just $1.40/share.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
NEXT ON CHANNELX
There are new stories on the homepage. Click here to see them.