Hey PR folks – I am in a dilly of a pickle with a client and would love some expert advice.
My client is a Fintech company with a high profile / celebrity co-founder. They recently shared the news they were planning to file a mini IPO and then a journalist in a small publication who tracks the celebrity client – misunderstood the story and started claiming he was a billionaire etc. and that his company was worth $250 million (they are still a bootstrapping start-up with 4 employees)
Then the rest of the media saw this story and just ran with it – and so the fake news spread like wildfire.
I was working on a press release about a product announcement and the CEO added a link to the fake news outlet which claims the company is a huge success…when its not!
They are a FinTech company who are trying to sell shares but I feel they are totally misleading people on their success….when I asked him why he included it he said “I didn’t start this story”…but he is sharing it and implying it is true!
I am not sure how to handle this? Isn’t it illegal to share misleading information in a press release?