Fake news causes erectile dysfunction pill maker to go vertical

GlobeNewswire, we meet again. . .

Shares of Petros Pharmaceuticals, a developer of treatments for erectile dysfunction and penile deformity listed on the Nasdaq, are suspended 230% on apparently fake news that it is being acquired. Five minutes before the opening of the American markets, the GlobeNewswire The distribution platform sent out a statement announcing a $67.2 million bid from private equity group Henry Crown and Company. It was picked up to repeat on all the usual aggregation services, including Petros investor relations page.

Just under an hour later (also via GlobeNewswire!) Petros”confirmed that a press release issued on July 28, 2022 regarding an alleged acquisition of the company was fraudulent and was not issued by the Company. The company is not a party to any of these acquisitions and has reported the fraudulent activity to Nasdaq.”

You may remember GlobeNewswire from a fake news story in September 2021 that claimed Walmart was adopting litecoin. Blaming this on a “fraudulent user account,” the company said at the time: “This has never happened before, and we’ve already implemented enhanced authentication steps to prevent this isolated incident from happening in the future.” . Um

At Pixel, both the genuine and fake releases are still available on the Petros website, though with no recall yet from GlobalNewswire, it may not be 100% clear which is which.


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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!