Intesa Share Swings Probed by Consob After Fake Statement

April 24, 2015 4:16 PM

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Italy’s market regulator Consob is investigating Intesa Sanpaolo SpA’s share movement after a hoax statement wiped about 1.8 billion euros ($2 billion) in value.

Italy’s second-largest bank, which was up 1.8 percent, began dropping at around 3:57 p.m. in Milan and fell to an intraday low of 2.99 euros by 4:05 p.m., after a fake release stated that Chief Executive Officer Carlo Messina was stepping down. Within minutes the shares rose to about 3.06 euros as a...

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