The plummet started when technology news blog Engadget.com reported Apple pushed iPhone's launch from June to October and Mac OS X Leopard from October to January. Ryan Block, the post's author, cited an "authority" for a source.
It turns out that "authority" was a forged e-mail sent to thousands of Apple employees at 9:09 a.m. this morning. It was eventually leaked to Block who posted at 11:49.
"Apple issued a press release today announcing that iPhone, which was scheduled to ship in June, has been moved to October and the release date for Mac OS X Leopard has been moved to January next year," read the e-mail, according to Block's post.
An Apple spokeswoman told internetnews.com that both the iPhone's June and Mac OS X Leopard's October launches remain on schedule and that the e-mail Block took for legit was a hoax.
According to the anecdotal evidence of Engadget.com's comment section, investors did not take the day's events well.
"You guy's suck! Validate before you publish! I just lost $127K in about 7 minutes because you clowns spooked the street and Apple's stock got nailed because of your BS article. YOu F***ers are liable!," wrote Christian Lau.
"Ahh Engadget, hallmark of Journalism, Accuracy and Excellent Grammar," wrote another, going by Eric, in the comments section.
Apple shares rose to $107.34 in late afternoon trading as news spread of Engadget's blunder.