The shares of United Airlines (UAL) nosedived after an old news story about the group filing bankruptcy protection appeared on the internet. The shares sank 75% to lows of $3 immediately after the news was republished by Bloomberg.
It was only after $1bn were wiped off the market value of the company that it was detected that there was some problem. The article about the decision of the United Airlines to file for bankruptcy protection was first published in 2002. This story was picked up by a reporter who supplies stories to Bloomberg. Obviously the reporter did not bother to even read the article which would have made it clear to him that it was an old story.
United Airlines is faced with financial problems and is about to lay off employees in order to cut rising fuel costs.
The shares of United Airlines (UAL) nosedived after an old news story about the group filing bankruptcy protection appeared on the internet. The shares sank 75% to lows of $3 immediately after the news was republished by Bloomberg.
It was only after $1bn were wiped off the market value of the company that it was detected that there was some problem. The article about the decision of the United Airlines to file for bankruptcy protection was first published in 2002. This story was picked up by a reporter who supplies stories to Bloomberg. Obviously the reporter did not bother to even read the article which would have made it clear to him that it was an old story.
United Airlines is faced with financial problems and is about to lay off employees in order to cut rising fuel costs.
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