The US Securities and Exchange Commission is starting an investigation on how a six-year-old article on a previous United Airlines bankruptcy caused the airline stocks value to drop by $1 billion on September 8, 2008.Times Online: Probe into how Google mix-up caused $1 billion run on United (September 12, 2008)The article appeared in the "Most Viewed Section" of a Florida newspaper the same day, although it was published in 2002. The news section of the search engine Google picked up the story, which soon circulated around the Internet. The stocks recovered later in the day after it was clear the story was incorrect.Forbes.com: How A Botched Web Story Wiped Out... (September 8, 2008)
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Fast Facts
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United Airlines stock rapidly fell to 1 cent, down $12.29, on September 8
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The article showed up in the "Most Viewed" section on the newspaper South Florida Sun-Sentinel's Web site on September 8, 2008
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Was published by parent company Chicago Tribune six years earlier
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An investment firm in Florida found the story by searching on Google and posted the information on the financial Web site Bloomberg, which caused many investors to read itIT World: UAL story revived by clicks on paper's Web site (September 11, 2008)
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