Wednesday, August 17, 2005 4:41:55 PM
Some companies are already monitoring the stock-chat message boards. This function is likely to be performed by the investor relations department.
In one case, the secretary/treasurer of a relatively small publicly traded retailer claimed to spend 30 minutes to one hour, daily, monitoring only YF for his firm's stock. He said his motivation was to identify disgruntled employees or ex-employees, and his efforts had identified the posts of six of them. Only one required some form of legal threat/action by the firm's management.
Others are paying companies specializing in this service to manipulate the trend of conversation on these boards or to notify the firm of cybersmear. Often these are public relations firms, and they offer additional services. Some claim to be able to increase the positive messages and decrease the negative messages by significant amounts. (See sidebar below for services.)
Once you've identified negative postings, the process for identifying the alias is expensive. Generally, a firm must file what is known as a John Doe suit. The cost of identifying the party posting negative messages can easily range from $15,000 to $25,000 for this first step. A few firms have, instead, hired private investigators, which may be less expensive.
In the case of YF, for example, the alias would be notified of the suit and given two weeks to file a motion to quash or prevent further efforts to disclose poster identities before YF releases registration data to the firm. Because filing these documents is also expensive, some defendants choose to settle the matter quickly, usually by posting an apology on the same message board where the damaging posts appeared.
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