Insider Accused Of Emulex Press Release Hoax - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Insider Accused Of Emulex Press Release Hoax

The U.S. Attorney's office is accusing Mark Simeon Jakob of tricking his former employer, Internet Wire, into publishing a false press release that sent the stock of data network equipment maker Emulex Corp. down 62% on Aug. 25. Federal investigators say that before Jakob quit Internet Wire, he used company computers to take several large stock positions--in Emulex.

Jakob, a 23-year-old former student of El Camino Community College in Southern California, was arrested Thursday and accused of securities and wire fraud as a result of sending the bogus press release. The stock largely recovered after the hoax.

Investigators claim Jakob made a hefty profit on the ruse: about $240,000 from short-selling the stock--a tactic that pays off when a stock falls--and on a purchase made when the stock hit its nadir.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
News
How COVID is Changing Technology Futures
Jessica Davis, Senior Editor, Enterprise Apps,  7/23/2020
Slideshows
10 Ways AI Is Transforming Enterprise Software
Cynthia Harvey, Freelance Journalist, InformationWeek,  7/13/2020
Commentary
IT Career Paths You May Not Have Considered
Lisa Morgan, Freelance Writer,  6/30/2020
Register for InformationWeek Newsletters
Video
Current Issue
Special Report: Why Performance Testing is Crucial Today
This special report will help enterprises determine what they should expect from performance testing solutions and how to put them to work most efficiently. Get it today!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll