NEW YORK (TheStreet) -- Some of the world's biggest media outlets, including the Wall Street Journal and Reuters, published information from a fake press release earlier today announcing an order by the U.S. president for a "full investigation" of General Mills' (GIS) - Get Report supply chain in most major global markets.
Unfortunately, the announcement wasn't true.
The announcement, released at midnight, eastern time, was deleted by PRNewswire after General Mills discovered the problem. PRNewswire later issued another press release asking journalists and readers to ignore the earlier statement because it was sent by an "unauthorized sender."
The fake release stated that President Obama was ordering the investigation as a result of a recent number of reported voluntary recalls on its food products across the world. It even went on to say that General Mills was promising its full cooperation with Obama's request.
The press release named Steve Sanger, a former General Mills CEO and chairman as a media contact; he's no longer serving in this role at the company.
General Mills is currently investigating the source of the fake press release, which emerged at a time when the company's shares are rising at a steady pace, reaching an all-time high on Tuesday. General Mills and other stable, food behemoth stocks have been recommended by portfolio managers for times of uncertainty. When consumers choose to save money by eating at home, companies like General Mills benefit.
Shares of General Mills have risen 0.6% to $38.38 in midday trading. General Mills' stock price now reflects its two-for-one stock split announced last May.
-- Reported by Andrea Tse in New York
Follow TheStreet.com on
and become a fan on
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.