Hoax E-Mail Sends Whitehaven Coal Stock Tumbling

Bloomberg reported that Whitehaven Coal has been victim of a hoax e-mail from an enviromental group lobbying against their Maules Creek mine, which sent their stock tumbling by 8.8 percent.

As quoted in the market report:

Frontline Action on Coal, an environmental group that opposes the mine in Australia’s New South Wales state, sent a fake press release that Australia & New Zealand Banking Group Ltd. (ANZ) had terminated a A$1.2 billion loan to Whitehaven on environmental grounds, Jonathan Moylan, a spokesman for the group, said by phone. Whitehaven recovered to trade 0.3 percent lower at A$3.51 at 2:03 p.m. in Sydney after it and ANZ revealed the e-mail was a hoax.

To view the whole Bloomberg report, click here.