Bloomberg LP Fined $5.6 Million in French Case Over Hoax Release

Dec. 16, 2019, 6:01 PM

Bloomberg LP was fined 5 million euros ($5.6 million) in France following the publication of information from what turned out to be a fake press release that made Vinci SA shares tumble three years ago.

The Autorite des Marches Financiers’ enforcement committee said Bloomberg should have known the information was false but instead published it without verification, leading to a 18.3% drop in Vinci shares.

Bloomberg News said in a statement it would appeal the AMF’s decision, adding that it was just “one of the victims of a sophisticated hoax” along with Vinci and other press agencies. Bloomberg LP ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.