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Short Take: Bloomberg sues over false report

Bloomberg LP has filed a lawsuit against the people who posted a fake report online April 7 that boosted the value of PairGain Technologies, a California telecommunications equipment maker, the Associated Press reported. The false report caused PairGain's stock to jump 31 percent. The suit will aid Bloomberg in identifying the people behind the report, a Bloomberg lawyer told the AP. The suit seeks unspecified damages and a court order to stop the defendants from taking the same action again, the AP said.

Bloomberg LP has filed a lawsuit against the people who posted a fake report online April 7 that boosted the value of PairGain Technologies, a California telecommunications equipment maker, the Associated Press reported. The false report caused PairGain's stock to jump 31 percent. The suit will aid Bloomberg in identifying the people behind the report, a Bloomberg lawyer told the AP. The suit seeks unspecified damages and a court order to stop the defendants from taking the same action again, the AP said.