Re: [CNET] Hoax shaves $2 billion off Emulex's market cap

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From: Linda (
Date: Sun Aug 27 2000 - 06:03:43 PDT

[A copy of the bogus press release below. You would think that
the number grammatical errors present in the first sentence
would have raised some suspicion. The text actually makes
little sense.


Press Release: Emulex Announces Revised Earnings

August 25 2000 9:30

SEC Launches Investigation Into Accounting Practices. Paul Folino
Steps down as CEO.

COSTA MESA, CA -- (INTERNET WIRE) -- 08/25/00 --
Emulex Corp. (Nasdaq: EMLX), the world's largest supplier of fibre
channel adapters, announced that last quarter's earnings will be
revised and will fall short of previously announced Net income
for the fourth quarter of fiscal will be revised to a loss $0.15
per diluted share, compared with net income of $3.0 million, or
per diluted share, for the same quarter a year Earnings for Q4 were
reported as $.25 per share, due to compliance with generally accepted
accounting principles, revisions were made. Net Earnings for fiscal
1998 and 1999 will also be revised. A press release with more detail
will be submitted today at 5:00 p.m. EST.

Emulex is a leading designer, developer and supplier a (sic) broad l
ine of Fibre Channel host adapters, hubs, and software products
that provide connectivity for Fibre Channel storage area networks
(SANs), network attached storage (NAS) and RAID. The products are
based on internally developed technology and are deployable across
a variety SAN configurations and operating systems, enhancing flow
between computers an peripherals.

Emulex's products offer customers the unique combination of critical
reliability, scalability and performance and can be customized
for mission-critical server and storage system applications. Emulex
products have been selected by world's leading server and storage
providers, including,Compaq, EMC, Fujitsu-Siemens, Groupe Bull,
Hitachi Data Systems, IBM, NEC and (sic) In addition, Emulex
includes industry leaders Intel, McData, Microsoft, Legato and
VERITAS its strategic partners.

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