Dollars and Jens
Monday, September 08, 2008
Shares of United Airlines parent company UAL Corp. were nearly completely wiped out Monday on false rumors that the company was about declare bankruptcy.

The Chicago-based carrier said it wasn't filing for bankruptcy and called the rumors "completely untrue."

According to a CNBC report, the rumors were sparked by a 4-year old news item regarding UAL and bankruptcy was republished on a news Web site.

Trade of UAL (UAUA: 11.43, -0.87, -7.1%) stock was halted at about 11:06 a.m. ET when it struck a penny a share. Though trading is still halted, shares have since risen to $8.97 each.

UAL trades on NASDAQ, which in the past has erased trades under similar circumstances, said NASDAQ spokesman Wayne Lee.

Powered by Blogger