Rathbone Brothers’ share price plunged today, apparently in reaction to an anonymous comment on social media site Reddit.
The comment, posted earlier today by a user named “sausagesthecat”, has now been removed.
Rathbones put out an announcement on the stock exchange shortly after 1pm saying the allegation was without substance.
“Rathbones notes the movement in its share price this morning which coincides with an anonymous allegation made in an online discussion forum,” it said.
“We are not aware of anything that would give substance to this allegation and are taking strong action. We are alert to the possibility of market abuse.”
At the time of writing, Rathbones shares were down eight per cent in the day at 2,440p. Shares were trading down by as much as 11 per cent before the Rathbones announcement.