Shares Of Copel Plummet Following Unverified Report Of Share Issuance

Shares of Brazilian utility company Companhia Paranaense de Energia (Copel) (NYSE: ELP) are down 11% today, as of 11:16 a.m. EDT, after the largest financial newspaper in Brazil reported that the company intends to make a share offering. However, it looks like the story is false. A news story broke in Valor Economico that Copel intended to raise about 4 billion Brazilian reais through an equity raise and that it had asked banks and law firms to submit proposals by Friday. Image source: Getty Images.Continue reading

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