The Five Dumbest Things on Wall Street This Week: June 18
General Mills' PR Ills
Somebody find Ashton Kutcher, General Mills (GIS) got Punk'd.
The cereal-maker said on Wednesday that it was the subject of a prank press release that said President Obama had ordered a probe into the company's supply chain following recent recalls. The release was sent overnight on PR Newswire, a main distributor of corporate press announcements, and was picked up by some major news outlets including Reuters and Dow Jones before the hoax was revealed.
General Mills said it was investigating the matter and that "law enforcement is involved." PR Newswire - ironically lacking any PR skills whatsoever - issued a statement saying the release came from an unauthorized sender and offered no further comment. Also silent on the matter was Allen Funt, the former host of Candid Camera, who passed away over a decade ago.
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