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Report of buyout bid was phony, WCI says

WCI Communities said it was victimized by a phony press release Saturday that said the financially strapped luxury developer had received a buyout bid of $5.25 per share. As the buyout rumor circulated Monday morning, the company's stock shot up 37 cents per share, or 27 percent. WCI rushed out a press release denying the "false media reports," and the stock dropped back to its starting price of $1.37 per share. It closed at $1.39. WCI is best known in the Tampa Bay area for developing Sun City Center and the Westshore Yacht Club. As of late Monday, the company hadn't discovered the source of the fake news report, but suggested the U.S. Securities & Exchange Commission would look into whether someone was trying to pump up the stock to dump shares at a profit.

Report of buyout bid was phony, WCI says 07/21/08 [Last modified: Monday, November 1, 2010 4:35pm]

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