Sue the bastards

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.


A very jolly trick no doubt

.

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?

9 comments on “Sue the bastards

  1. Had this beeen the UK or EU it would have fallen into Market Abuse under the Market Abuse Directive.

    6. Dissemination – giving out information that conveys a false or misleading impression about an investment or the issuer of an investment where the person doing this knows the information to be false or misleading.

  2. This is blatant Market Manipulation.

    Nice to see the environmentalists taking a trick from the banks though (Barclays fined hundreds of millions for attempting to move libor by 0.01%; what do you get for moving the share price by 9%?).

  3. Change the wording slightly and the justification emanating forth Could have come straight from A mouthpiece of ETA, the PLO, Shining Path et cetera.

    As the world wakes up to the fact that the great AGW threat is proving to be something of a mirage, and that the measures being advocated to combat it are basically back door Socialism obviating the ballot box, expect the level of militancy to step up a grade or several.

  4. global warming is the new millenium bug. remember how the world was going to end when the clocks ticked over to 2000

  5. It does appear to be fraud, in a sense. However, one problem is that as a society we are a bit too fond of the “money is the root of all evil” idea, so we tend to define fraud, corruption and so on in terms of whether the liar had a financial motive and financially gained from it. We don’t really have any definitions of or laws against lying for “ideological gain”.

    If we did, most of the NGO/campaign/charidee network/industry would be in jail. Consider, for instance, exaggerating or fabricating claims that products, or classes of products, are more dangerous than they are, or dangerous at all. This is a routine day’s work for the zealots. But what they gain is not (directly) money, is it an ideological profit measured in units of “social change”.

    Campaigner lying has a long history, right back to the famous WT Stead lie about white slavery. He did go to prison, but not for the lying (a lie which permanently changed the law, a law change which in term resulted in the modern paedopanic); he was imprisoned because he didn’t just lie, he did actually break the law while doing so (procuring a girl for “white slavery”).

    But anyway, most of the most egregious lies are not about money, they’re about ideology.

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