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SAN FRANCISCO - Shares of Extreme Networks Inc. soared as high as 18% Oct. 8 on news the broadband technology vendor planned to buy Viasource Communications Inc.
But as stock trading on the companies stopped, investors got a rude surprise when the news proved to be a hoax.
An announcement fashioned to resemble a PR Newswire press release made its way into various Internet chat rooms Monday morning indicating that Extreme had made a cash offer of 92 cents, or about $39 million, for the outstanding shares of Viasource, a seller of broadband technology and services in Fort Lauderdale, Fla.
With rumors flying, both companies promptly denied they were involved in a deal. "It's false information; it's bogus," said Extreme Networks spokeswoman Valerie Bellofatto, adding that...