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Okay, making stocks go up by posting anonymously is pretty stupid. AOL will stop this from happening. All I can say is, GO AOL!
Okay, making stocks go up by posting anonymously is pretty stupid. AOL will stop this from happening. All I can say is, GO AOL!
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The troubles for AOL started on June 3, 1999, when "scovey" posted a message accusing Nam Tai's president of "manipulat[ing] the stock [of] this and other smaller companies." Then on Jan. 8, 2001, "scovey" posted another message, titled "sinking again." The message, according to court records, including the following sentence: "This low tech crap that they produce is in an extremely competitive and low profitability industry. I see see-sawing of the stock with no real direction."
Within 18 days, Nam Tai filed a complaint in California Superior Court claiming that this message was part of a concerted effort involving 51 other anonymous scribblers to "manipulate the price of Nam Tai stock to their advantage." The Hong Kong maker of electronic components alleges the defendants committed libel and violated California's unfair business practice statutes. It sought injunctive relief, and compensatory and punitive damages.