Environmental campaigners sparked a 9pc dive in the share price of Australian miner Whitehaven Coal after issuing a fake press release regarding a multi-million dollar funding facility.
The fake press release was issued by Frontline Action for Coal. Spokesman Jonathan Moylan said: “The future of our farmlands, our forests, our health, our climate – these are the biggest threats humanity faces and they are far more important than concerns over liability.”
The fall in Whitehaven’s share price wiped A$314m off its stock market valuation and brought a halt to trading in its shares.
The fall will do little to help the plight of Nathan Tinkler, the Australian mining magnate who is currently facing legal action over a slew of allegedly unpaid bills. Mr Tinkler owns a fifth of Whitehaven’s shares.
It is not known whether the campaigning group could be held liable for any losses suffered as a result of its action.
They should be though. And if there are any American shareholders in that company I can see a class action suit coming toot sweet.
If people have lost money as a result of someone lying then, however good the purported intentions of the liar, they do have recourse at law, no?