The Perils of Fake Press Releases, and How to Avoid Them

This morning, a press release hit the wires of PRWeb, a paid press release distribution site, saying that Google would be acquiring the tiny company ICOA Wireless for $400 million. ICOA’s stock, which trades at fractions of a penny, briefly quadrupled in price after the press release hit. Media outlets (including our own Gizmodo) reported the story as fact, and investors immediately piled in. But very shortly after the release hit the news, it was denied by both parties, and outed as a fake. How did this happen? More »