Manufacturing Industry
UMC Seeks Charges Against Reporters
Electronic News, July 30, 2001 by Tom Murphy
REUTERS NEWS SERVICE IS REPORTING THAT United Microelectronics Corp. (UMC) is seeking criminal charges against two Taiwanese journalists for filing stories that allegedly manipulated the company's stock price. According to the report, UMC of Hsinchu, Taiwan, told the Taipei district prosecutor's office that two reporters from Taipei's Economic Daily News deliberately spread false rumors that the company had intentions of laying off 500 to 1,000 workers beyond the 266 job cuts announced earlier in the month.
UMC (nyse: UMC), a dedicated foundry operator, reportedly believes that the reports from the Economic Daily News regarding further job cuts were unfounded and violate Taiwan's securities trading law by deliberately spreading false rumors to affect the company's share prices. An official with the Economic News defended the reporters' work and said it had evidence to back up the stories, according to the report. The prosecutor's office is expected to hold a hearing to determine if charges will be filed or to throw out the case. No date for the hearing has been determined.
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