A Janus PR Nightmare?
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Thursday, November 30, 2000

A Janus PR Nightmare?

What happens when you are the hottest U.S. tech fund shop, the Nasdaq is collapsing and the rumor is that one of your flagship funds is liquidating? If you are Janus you take more calls from reporters than shareholders.

A journalist from AFX, the financial arm of AFP (Agence France Presse), reported this morning that Janus Funds was planning on liquidating its $7.6 billion Global Tech Fund.

Eventually the gossip grew to include speculation that Janus was "dumping" its substantial technology and telecommunications holdings. Not a word of the tale is true, says Janus. Worse yet the unfounded rumor's spread was apparently spurred by a misunderstanding by the French reporter.

"Somehow, the fact that global tech is closed to new investors got turned into a liquidation," said Janus spokeswoman Shelley Peterson. "Rumors spread quickly and these were just unfounded."

How did stockholders react?

"Actually, call volumes have not increased today," said Peterson. "The public relations department was a little busier than usual."

Stockholders yawned while reporters snapped to, perhaps indicating which group has more common sense. As of this afternoon, the story does not appear on AFX's Web site.

More Media Coverage:
  • CBS.MarketWatch
  • Reuters

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