SocGen seeks probe into share price manipulation

Published Monday October 13th, 2008

THE ASSOCIATED PRESS

PARIS - French bank Societe Generale said Monday it has asked France's market regulator to open an investigation into possible manipulation of its share price.

The bank, renowned for a multibillion-dollar trading scandal earlier this year, issued a statement formally denying "malicious rumors attributing to the bank significant losses in its structured products," which would have necessitated a recapitalization of the bank.

SocGen shares fell two per cent to 49 euros ($66.83) Monday, while France's CAC-40 index was 11.18 per cent higher.

After the market closed, the bank issued a second statement to say that business in the third quarter was "overall satisfactory in a volatile environment" and will lead to a profit in the period.

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