Bear Stearns: 'Absolutely No Truth' In Liquidity Rumors

Bear Stearns: 'Absolutely No Truth' In Liquidity Rumors

By Melissa Korn

Last update: 5:13 p.m. EDT March 10, 2008

Bear Stearns Cos. (BSC) backed its liquidity position, issuing a statement declaring "there is absolutely no truth to the rumors" that circulated earlier Monday. President and Chief Executive Alan Schwartz said in the statement, "Bear Stearns' balance sheet, liquidity and capital remain strong." Shares of Bear Stearns closed down $7.78, or 11%, at $62.30 on more than four times average daily trading volume of 7.31 million shares. Shares were up 42 cents at $62.72 in recent after-hours trading. The company is due to release its first-quarter earnings results on March 20.