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About: Emulex hoax     Goto   Sponge   NotDistinct   Permalink

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The Emulex hoax, an instance of securities fraud, was perpetrated by 23-year-old Mark Jakob on August 24, 2000. Jakob, a former employee of the press release distribution service Internet Wire, was facing a loss of almost $100,000 as a result of short-selling stock in the Emulex Corporation, a fiber-optic equipment manufacturer. To cover his losses, Jakob wrote a fake release stating that Emulex's CEO had quit and the company was restating its quarterly earnings from a profit to a loss. Jakob then sent it to Internet Wire, posing as an Emulex publicist.