Bankruptcy rumors cause UAL stock plunge
Published September 8, 2008 by CSBJ Staff
United Airlines officials said today that reports that the company has filed for bankruptcy are untrue.
Officials said the rumor was started when the Florida Sun Sentinel posted a 6-year-old Chicago Tribune story to its Web site.
The story was related to United’s 2002 bankruptcy filing. The company emerged from bankruptcy during 2006.
The rumor, which circulated widely this morning, caused the company’s stock to lose virtually all of its value for a brief period.
Opening at $12.29, the stock, which trades on the NASDAQ, was quoted at a penny before trading was suspended this morning.
When trading resumed, the stock had recovered most of its value, trading at $11.26.
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