SEC launches probe into phony Jobs heart attack report

Apple CEO Steve Jobs

(Credit: CNET News)

The Securities and Exchange Commission is looking for the person who falsely reported that Apple CEO Steve Jobs had suffered a heart attack on Friday.

Jennifer Martin, a CNN spokeswoman told CNET News that SEC investigators contacted the cable-news broadcaster seeking information on the person who posted the phony story to iReport.com. The CNN-owned site is dedicated to hosting news submitted by members of the public.

The Jobs heart attack story was categorically denied by Apple but not before the company's stock was already in a steep dive. Shares of Apple fell more than 9 percent before rebounding. Apple's share price closed trading Friday at $97.07, down 3 percent.

Some observers have speculated that someone may have posted the story to manipulate the stock market. A source close to the investigation said that CNN has attempted to contact the anonymous poster but hasn't received a reply. Martin declined to say what kind of information the SEC has requested.

In order to submit a story on iReport, a person need only submit an e-mail address. Martin said that it clearly says on the site that most stories are not edited, filtered, or vetted. Those stories that have been checked out are labeled "On CNN." This means that the cable network has verified the report and is using it on a CNN-branded TV show or Web site, she said. The Jobs heart attack story never got that label.

I'm working on a story in which I'll try to answer some of the questions about how this happened. It should be posted soon.

[viper396]

If anything this is just another example of how media outlets are no longer reporting facts, just "what might or may happen" or how one self proclaimed "expert" feels about it. These handfull of speculators "think" something will happen and the end result is it does happen because people hear these speculative news reports and panic thus causing the problem to occur. This should be illegal and the news outlets should be held responsible for causing the very problems they claim to be reporting about.

The SEC should look into what the media does to people and shareholders with their "panic" reporting it's disgraceful and irresponsible.

[skillingssucks]

Learn what iReport is!

[humanssssss]

Is people so gullible these days to believe what they read from news outlet? There was a study showing that not all media reporting is true and accurate.

[skillingssucks]

What's worse, the guy that posted the iReport or the complete monkeys that sold based just on that report? Wall Street is full of imbeciles.

[desmondtututu]

Please include in your follow up story the truth about how this rumor (and many others like it) have started. There was a thread posted yesterday on a large image board that went along the lines of "what rumor can we start today, give me your ideas". There was a slew of Palin suggestions (Palin had breast cancer, etc) but most people felt any rumors to do with the election would just be snowed under...so they jumped on the Jobs idea.

"Some observers have speculated that someone may have posted the story to manipulate the stock market."
This could not be further from the truth. These rumor are setup for fun (lulz), nothing more, nothing less. And the mass-media seem to fall for them every single week.

[Galaxy5]

CNN had better take some responsibility on this. Currently there isn't a single thing on their web site about this. I'm thinking that shutting down iReport would be a good start.

They're on the hook, too.

[hainespoint]

This rumor cost me and many others MONEY

[AppleSuxLeo]

He didn`t have a heart attack...he had a MYOCARDIAL INFARCTION ! Bwhahahah !
AAPL $97 Say it aint so ! Apple going down the crapper.

[artistjoh]

Anybody who thinks that falsely claiming the illness or death of any person can be construed to in any way be "fun" or a "prank" or "joke" is a seriously sick person who I am not happy sharing a planet with. That is such a sick and repugnant suggestion it is unbelievable. It is just as bad as someone deliberately doing this in order to make a profit on shares (and as one poster above pointed out above) cost innocent people real money.

Anonymous postings have always enabled the cowardly to say things they wouldn't say face to face with the public and such immoral behavior as this false report should result in the individual concerned being tracked down and prosecuted.

[AppleSuxLeo]

The report of MobileMe being a POS was phony also ;)
The reports of AAPL dropping to $97 , from $200 are phony also ;)

[elllroy]

i think apple is evaluating right now if they can sue cnn. i hope it is possible and has a chance of winning in court. apple should ask for compensation of 10 bn in marketcap losses for their shareholders.

[humanssssss]

How come CEO can deny that they don't have or are not when in the end they do? Just like Steve Jobs denied he has cancer.

Steve Jobs should be in jail for making a false statement.

[AppleSuxLeo]

AAPL is in a constant state of denial. Deny iPhone has problems , deny MobileMe is a POS , etc.
One thing they can`t deny is their Market Cap has dropped over 50 percent due to increased competition from Nokia , Android , Amazon MP3/MyspaceMusic.
Their stock dropped over $9 right after the European Nokia anouncement ;)
Apple..the "Sharper Image" of the computer industry.