Fake press release sparks GE shares fall

The Associated Press reported a statement apparently from the company saying it planned to repay a $3.2bn tax refund received from the US government. Minutes later General Electric said the release was a fake. The hoax was the work of activists wanting to draw attention to General Electric's use of tax avoidance measures. A tiny guerrilla team calling itself Yes Men claimed responsibility for the stunt, their latest in a series aimed at companies which take advantage of generous tax loopholes. GE shares trading on the New York Stock Exchange closed down 0.35% at $19.94.