Bulletin Board investigation

RNS Number : 0347R

Empyrean Energy PLC

13 August 2010

 

13^th August 2010

Empyrean Energy PLC

("Empyrean" or the "Company"; Ticker: (EME))

Bulletin Board investigation

The board of directors of Empyrean, the oil and gas exploration and production company with assets in the USA, today announces that the company is investigating multiple potential cases of Bulletin Board participants posting possibly defamatory, misleading and false statements about the company and its management over various internet chat-room sites.

The decision to take further action against these defamatory posters has come in the wake of similar London Stock Exchange - AIM listed companies being successful in the High Court of Justice in obtaining Norwich Pharmacal orders enabling them to instruct the relevant Bulletin Board operators to disclose the identities of the offending posters.

The Company is concerned that some of the offending posters have not only been defamatory but may also have breached various regulations including market abuse and market manipulation.

Commenting today, Empyrean Executive Director - Tom Kelly said "The internet provides a great platform for free speech and the dissemination of information, however the common law and other relevant regulatory principles and protections need to apply and be enforceable. This is a shot across the bow for anyone contemplating using the Bulletin Boards for disseminating defamatory or deceitful information about listed companies or their management. The culprits that have already breached regulations and think that they can hide behind multiple internet names and pseudonyms should know that there is a clear and easy pathway to reveal their identities and bring action against them - and this process has commenced. It is our view that greater regulatory scrutiny is needed in this area of internet based regulatory abuse."

For further information

Empyrean Energy plc 

Tom Kelly

Tel: [phone] 

Astaire Securities  Plc

Shane Gallwey / Toby Gibbs

Tel: [phone]

 

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