ONE EMAIL costs mining company $300 Million in stock fall

In January 2013, a chap called Jonathan Moylan sent a single email that caused an AU$314m – £174m or $295m – dip in a coal company’s value.

The email was a fake press release stating that Whitehaven Coal’s bank, ANZ, had decided not to lend the mining firm the billion or so dollars needed to open a new pit.

Moylan’s message was sent from a domain that riffed on ANZ Bank’s name, used the bank’s logo and included the name of an ANZ Bank PR person and a phone number. That number was Moylan’s own, so when journalists called to confirm the details of the fake press release, Moylan simply told them it was all kosher.

ONE EMAIL costs mining company $300 MEEELION • The Register.

Leave a Reply