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United Stocks Tumble In Wake Of Old News

United Stocks Tumble In Wake Of Old News

A six-year old Chicago Tribune story about United Airlines' 2002 bankruptcy filing caused United stocks to temporarily plunge Monday morning. A reporter from Miami-based Income Securities Advisors Inc. apparently ran across the old story on the South Florida Sun-Sentinel's website during a Google search, but the date on the story was inexplicably changed. Income Securities Advisors, Inc. then ran the story on the widely-read Bloomberg Financial Services website, causing United stock prices to plummet. Trading of United on NASDAQ was halted until the rumors could properly be addressed; United denied the rumors and demanded a retraction, saying in a statement:

[The rumors] were caused by the irresponsible posting of a 6-year-old Chicago Tribune article by the Florida Sun Sentinel newspaper Web site with the date changed. The story was related to United's 2002 bankruptcy filing, and United has demanded a retraction from the Sun Sentinel and is launching an investigation...United continues to execute its previously announced business plan to successfully navigate through an environment marked by volatile fuel prices and continues to have strong liquidity.
United successfully exited bankruptcy in 2006. more ›

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