Friday, August 27, 2010 1:29:38 PM
AIM oil companies take action over bulletin board 'lies'
A wave of Aim-listed oil and gas companies will this week take action against internet users "motivated by money" posting "untrue and malicious" messages on investment bulletin boards.
By Rupert Neate and Rowena Mason
Published: 6:00AM BST 10 Aug 2010
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7935231/AIM-oil-companies-take-action-over-bulletin-board-lies.html
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Nighthawk and Nostra Terra on Monday used the courts to force the two biggest bulletin boards, iii and ADVFN, to reveal the identities of the anonymous users
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The Daily Telegraph understands that a string of small oil and gas explorers will follow Nighthawk Energy and Nostra Terra Oil and Gas (NTOG) in taking legal action against message board users, who they claim are trying to drive down the share price in order to profit from short-selling.
According to sources, the chief executives of a host of energy groups have met to discuss the "extremely damaging" comments about the companies and their management teams.
Nighthawk and Nostra Terra on Monday used the courts to force the two biggest bulletin boards, iii and ADVFN, to reveal the identities of the anonymous users.
The City of London Police are investigating allegations of market abuse in relation to the matter.
The companies allege that a "hardcore" of bulletin board users have created dozens of fake 'avatars' to spread scurrilous and untrue gossip, which has now been taken down from the websites. A blog entitled "Say no to NTOG" was also recently removed from the internet.
Matt Lofgren, chief executive of NTOG, said he was personally targeted with untrue suggestions that he appeared in court on charges of drink driving – when in fact he only has a speeding ticket.
"That wasn't even one of the worst," he said. "We think there are multiple users with multiple names trying to create the image of a big group. I believe that their motivation is simply money.
"We're not going to stand for people spreading lies. I'm all for freedom of speech but some people have abused that."
David Bramhill, chief executive of Nighthawk, said the company was very likely to take pursue claims against the worst offending bulletin board users.
"This isn't about muzzling investors that want to have a go at the company, or who want to complain that they've lost money, or boast that they've made money," Mr Bramhill said.
"That's free speech and they're welcome to it. This is about calculated lies."
A spokesman for ADVFN said it is "often" forced to reveal the identities of its anonymous bloggers following court orders.
A wave of Aim-listed oil and gas companies will this week take action against internet users "motivated by money" posting "untrue and malicious" messages on investment bulletin boards.
By Rupert Neate and Rowena Mason
Published: 6:00AM BST 10 Aug 2010
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7935231/AIM-oil-companies-take-action-over-bulletin-board-lies.html
---
Nighthawk and Nostra Terra on Monday used the courts to force the two biggest bulletin boards, iii and ADVFN, to reveal the identities of the anonymous users
---
The Daily Telegraph understands that a string of small oil and gas explorers will follow Nighthawk Energy and Nostra Terra Oil and Gas (NTOG) in taking legal action against message board users, who they claim are trying to drive down the share price in order to profit from short-selling.
According to sources, the chief executives of a host of energy groups have met to discuss the "extremely damaging" comments about the companies and their management teams.
Nighthawk and Nostra Terra on Monday used the courts to force the two biggest bulletin boards, iii and ADVFN, to reveal the identities of the anonymous users.
The City of London Police are investigating allegations of market abuse in relation to the matter.
The companies allege that a "hardcore" of bulletin board users have created dozens of fake 'avatars' to spread scurrilous and untrue gossip, which has now been taken down from the websites. A blog entitled "Say no to NTOG" was also recently removed from the internet.
Matt Lofgren, chief executive of NTOG, said he was personally targeted with untrue suggestions that he appeared in court on charges of drink driving – when in fact he only has a speeding ticket.
"That wasn't even one of the worst," he said. "We think there are multiple users with multiple names trying to create the image of a big group. I believe that their motivation is simply money.
"We're not going to stand for people spreading lies. I'm all for freedom of speech but some people have abused that."
David Bramhill, chief executive of Nighthawk, said the company was very likely to take pursue claims against the worst offending bulletin board users.
"This isn't about muzzling investors that want to have a go at the company, or who want to complain that they've lost money, or boast that they've made money," Mr Bramhill said.
"That's free speech and they're welcome to it. This is about calculated lies."
A spokesman for ADVFN said it is "often" forced to reveal the identities of its anonymous bloggers following court orders.
I want the people to know that they still have 2 out of 3 branches of the government working for them, and that ain't bad.
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