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MVIS 1.080

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Nov 7 9:30 AM EST

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To: da_cheif™ who wrote (204)	8/25/2000 12:05:54 PM
From: Chisy	Read Replies (1) of 8150

Emulex plunges amid hoax news item By Jeffry Bartash, CBS.MarketWatch.com Last Update: 11:55 AM ET Aug 25, 2000 NewsWatch Latest headlines COSTA MESA, Calif. (CBS.MW) -- Shares of Emulex dived 60 percent Friday before being halted after a fake press release said the maker of computer-networking gear would cut earnings estimates and face a federal probe for its accounting practices. A spokeswoman for California-based Emulex (EMLX: news, chart) said that the press release in question -- which was issued through an electronic service called InternetWire -- was in fact a hoax. After Emulex shares fell 68 1/16 to 45, trading was halted. The bogus press release stated that Emulex would reduce future earnings estimates and that Chief Executive Paul Folino would resign. It also said the company's accounting practices would be investigated by the Securities and Exchange Commission. For its part, the SEC declined to comment. The agency generally does not comment on whether it's investigating a company or not. --------------------------------------------------------------------------------

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