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BUSINESS BRIEFING / TECHNOLOGY

Teen behind false report about Jobs

October 24, 2008|TIMES WIRE REPORTS

A false Internet report claiming that Apple Inc. Chief Executive Steve Jobs had suffered a heart attack was posted by a teenager, and investigators haven't found evidence that he tried to profit by driving down the stock, two people familiar with the matter said.

The Securities and Exchange Commission is examining the 18-year-old's motives after the article, posted on a user-submitted news website run by CNN called iReport.com, sent Apple shares down as much as 5.4% on Oct. 3, according to the two people, who declined to be identified because the ongoing investigation isn't public. The SEC hasn't unearthed any trading records showing that the teen benefited from the drop, one of them said.

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