J.C. Penney Co., its shares already under pressure as sales slump, has been forced to fend off Twitter posts citing unsubstantiated information about its operations.
On Oct. 15, Bryan Mortenson, an investment adviser, took to Twitter citing “unsubstantiated” rumors J.C. Penney hired a bankruptcy attorney. Three days later, an entity called @CalConfidence said the company lost access to Canadian credit. Benzinga, an investment website, cited the posts, and the stock fell 8.9 percent on Oct. 15 and 4.8 percent on Oct. 18.
