By: E&P Staff Neither the South Florida Sun-Sentinel nor any other Tribune Co. posted the six-year-old Chicago Tribune story that triggered a panic over United Airlines stock, Tribune Co. said late Monday.
The story, from December 2002, reported on a bankruptcy filing that year by the troubled airliner. When it appeared on the Internet Monday, it sparked a sell-off in United stock, sending it spiraling down from more than $12 a share at its opening to a penny a share before Nasdaq halted trading about a half-hour into Monday's session. Trading in the stock later reopened, and its price returned to normal levels, ending the day off $1.38, or 11.92%, at $10.92.
Tribune said its preliminary investigation found the story was "apparently picked up by an investment advisory and research firm and republished as though it was current."
The story was located in the archives section of the Sun-Sentinel's Web site, Tribune said.
"The story contains information that would clearly lead a reader to the conclusion that it was related to events in 2002," it added. "In addition, the comments posted along with the story are dated 2002."
Initial reporting inaccurately suggested that the article had been somehow posted inadvertently by the Sun-Sentinel. United initially blamed the newspaper and demanded an apology and correction.
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