PSA Stock Tumbles on News Report Mix-Up
A Times Staff Writer
Shares of PSA Inc., a Los Angeles-based holding company, momentarily plunged more than 60% after a news service mistakenly reported the company had filed for bankruptcy protection. PSA’s stock, which closed Friday at $4.88, tumbled to $1.75 a share in the minutes after the erroneous item moved over the Dow Jones news wire. The stock rebounded after Dow Jones moved a correction noting that the company filing for Chapter 11 bankruptcy protection was privately held PSA Inc., a Georgia pay-phone company with no connection to the PSA in Los Angeles. Officials at the news service weren’t immediately available for comment. PSA’s stock, which trades on the OTC bulletin board, closed at $4.19, down about 15% from Friday’s close.
