Online stock forum users being sued by AIM-listed specs

[Bushman]

This is a relevant article for all posters on stock market forums, with the message being do not be fooled by the seemingly anonymous cloke of the internet.

In this instance, on-line forum users are being litigated against for posting 'down ramps' about a couple of AIM-listed oil speccies. The comments/rumours extended to management and the BOD.

So the onus is on posters to supply sources for all their stock posts, not to engage in 'rumourtrage' and the ensure that they do not make any libelous statements against management/directors.

http://www.theaustralian.com.au/bus...-over-chat-rooms/story-e6frg91o-1225903247872

If you think it through, downrampers could be pursued by the entities or even other shareholders who have faced losses due to 'rumourtrage'.

Precedents are being set it seems. I must say that ASF posters these days are measured and fair in my experience. Some of the posts I have read on other sites are most definetely defamatory and not based on market information.

Brave new world?

 

[nioka]

Brave new world?

Not a brave new world. The old world was the brave one where people took responsibility for their own actions.

It's a sooky new world where we are allowed to pass the buck and try and make someone else responsible for our own stupidity. DYOR

 

[vincent191]

They are only threatening to sue. No precedence had yet been set. But just to be safe it is not wise to post what you know to be false or misleading information. To safeguard yourselves always include the time tested and recommended words "In my opinion (IMO)" to any subjective comments.

 

[prawn_86]

As Vince says, no precedent has been sent, but it does serve as a reminder that posters are responible for their own actions, and the anonimity on the net is not as much as some may think.

Providing you can provide details and reasoning for your posts, i'm sure you would be fine, but this is part of the reason why ASF is stringent on post quality in stock threads, in order to protect our members.

 

[Kremmen]

Doesn't seem like a big deal. For the companies to go to the effort of getting court orders to obtain the names of the posters, I'm guessing they must have been real prats. This doesn't sound like it's about anyone just giving their opinion, but about folks continually posting crap until the target company gets sick of it.

 

[Sean K]

Hotcocker admin must be going nuts.

CuDeco Ltd and the Chairman of CuDeco Ltd have instructed their legal representatives to file claims in the Supreme Court of Queensland, against internet forum, “HotCopper” and “2 Posters”, the latter being knowing participants.

Cudeco’s Claim:
1. Misleading and deceptive conduct under the Trade Practices Act 1974.
2. Injurious falsehood.
Chairman of CuDeco Ltd, Mr Wayne McCrae to file substantial claims against “HotCopper” and the “2 Posters” for defamation over a period of 1-12 months.
“HotCopper” is a forum that discusses ASX Listed Companies under pseudonyms (aliases).

Yours faithfully
Wayne McCrae
Chairman

 

[Bigukraine]

Hotcocker admin must be going nuts.

From what they are saying over there the two could be part of isto investers and or broker houses and WM some how found out and is having a crack at them.... it will be interesting to see who the "two" are...... maybe settlement out of court to keep the reputation of isto or broker(or who ever) time will tell.... good fun to watch from the side lines.......

 

[Bushman]

From what they are saying over there the two could be part of isto investers and or broker houses and WM some how found out and is having a crack at them.... it will be interesting to see who the "two" are...... maybe settlement out of court to keep the reputation of isto or broker(or who ever) time will tell.... good fun to watch from the side lines.......

it shows you how importantly specs are taking the internet. given poor broker coverage, stock forums are increasingly where retail investors go to find information.

It wouldn't have anything to do with Cudeco's delays on their JORC would it?

Lol, pass the popcorn! H/e I agree that it will likely be an out of court settlement.