Why we don't allow discussion of shares on Askaboutmoney

[Brendan Burgess]

Since the foundation of Askaboutmoney in 1999, we have not allowed the discussion of shares. This was mainly due to my experience of the Motley Fool and other sites where the discussion was very poor. In particular, I remember a series of posts which just consisted of "Bula, Bula, buy Bula" and "Bougth yesterday at 5p, up to 6p today, I am €10,000 richer".

As it happens, I would say that the introduction of the Markets Abuse Directive would make such discussion difficult to facilitate and moderate.

I see in today's Irish Times that US Oil Gas PLC (USOG) has got court orders against Boards.ie and other message boards aimed at identifying posters who posted defamatory remarks about the company. .

In an affidavit, Brian McDonnell, chief executive of USOP, said he has been involved in the oil and gas sector for up to six years and USOP, incorporated in Ireland in 2009, was a well-run business formed to exploit the potential for substantial oil and gas finds in Nevada.


The material posted about USOP had had “a catastrophic effect” on his company’s share price and individually and cumulatively alleged serious wrongdoing against himself and his company’s employees, directors and officers, he said.


The gist of most of the statements was that he and USOP were engaged in a fraudulent attempt to induce investors to buy shares in a “sham” company, he said.


To suggest without any evidence and falsely he was a “fraudster” and “ponzi” scheme creator was defamatory per se, said Mr McDonnell .
Mr Fanning said the material complained of was posted on message boards on three websites: boards.ieoperated by Boards.IE Ltd, an Irish company; iii.co.uk, operated by London South East Ltd, a UK company; and , operated by two related companies, Interactive Investor Trading Ltd and Interactive Investor plc.

 

[smiley]

Whatever was posted it must have been pretty shocking. Of course this is a small company aswell and so the effects on the share price may be more extreme.

I think this case is very good as it might put manners on a few people.

When using the investment discussion forums i find you really have to sift through the rubbish to find the odd poster who actually wants to talk about the company than all the gambling/speculative nonsense that goes on.

 

[mercman]

But he has six years of experience. A real old dog on the road !

In all case of InvestmentS -- DO YOUR OWN RESEARCH

 

[Brendan Burgess]

When using the investment discussion forums i find you really have to sift through the rubbish to find the odd poster who actually wants to talk about the company than all the gambling/speculative nonsense that goes on.

If someone wanted to hype up a share, they could proably produce an authoratitive sounding piece which might influence others.