Fake news report costs Bloomberg $7.6m in fines

guest · Dec 22, 2019

Fake news report costs Bloomberg $7.6m in fines
Vinci's shares tumbled by nearly a fifth on November 22, 2016, after several media issued reports based on what purported to be a press release from Vinci
December 17, 2019
https://www.straitstimes.com/busine...fake-news-report-costs-bloomberg-76m-in-fines

France's financial markets watchdog on Monday (Dec 16) hit Bloomberg with a five million euro (S$7.6 million) fine for a report based on a fake news release that triggered a plunge in the shares of French construction giant Vinci and wiped billions off its market value.

The financial markets watchdog AMF said Bloomberg distributed "information that it should have known was false".
The AMF said Bloomberg did not respect journalistic ethics "as no verification of the information was undertaken before publication."

The fake statement was almost indistinguishable from a normal press release from the group but was posted on a so-called mirror site. The address of the website was not the normal one and the mobile phone number for the spokesman was incorrect.

"Bloomberg News was one of the victims of a sophisticated hoax... We regret that the AMF did not find and punish the perpetrator of the hoax, and chose instead to penalise a media outlet that was doing its very best to report on what appeared to be newsworthy information," said a spokesman.
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