There was an anonymous post on CNN's iReport last Friday, in which Apple Inc CEO Steve Jobs was said to have been rushed to hospital for severe heart attack, causing Apple's shares to plummet by a hefty 9%.

Apple's shares later managed to stage a modest rebound after the company denied the news, but then the shares still ended the day 3% lower than its previous close.

Since Jobs announced in 2004 that he underwent an operation for pancreatic cancer, his health has been much talked about in the market. His latest public appearance showing his debilitated body and pallid look, has further entrenched the qualms that his cancer has indeed relapsed.

iReport soared to stardom during the Virginia Tech shootout last year, when large quantities of images captured on handphones were uploaded onto the iReport site. iReport has since received many postings from citizen journalists, prompting CNN to allow the website to go independent.

Nevertheless, the bogus news posted by an anonymous visitor recently has killed the website's integrity, which should serve as a lesson for print and online media alike. We all know what has fallen is more than just the Dow, but the hard earned money of thousands of stock investors.

But what has motivated people to disseminate false information on the Internet? While the ill intention of these people must be condemned, a more relevant question is why so many people are easily taken in by unverified news.

Not too long ago, some unscrupulous people have issued an SMS message in the name of Sinchew-i, claiming that "Anwar has obtained the blessings from Yang Di-Pertuan Agong to form a new federal government." Such unverified news could have a very serious bearing on social harmony.

Perhaps the pessimism and sensitivity stock investors have towards the markets recently could be attributed to the financial meltdown on Wall Street. The crisis has sent insurers, commercial and investment banks into a quagmire, dragging with them stock markets across the world.

The US government's US$700bn rescue plan has dealt a further blow on the vulnerable market confidence.

The flourishing of online media has been a by-product of phenomenal advancement in information technology. Due to the absence of restrictions over the online media, a poster can literally put up any comment he wants on the net. While restrictions are hard to impose over the online media, journalists should exercise the most fundamental ethics when posting their stories. They must refrain from posting anything which is false or unconfirmed to prevent possible social unrest.

Freedom of speech is the most basic prerequisite in a democratic society. But while reporting the truth is all journalists' duty, it is even more important for members of the public to defend the freedom of speech. (By YU MIYE/Translated by DOMINIC LOH/Sin Chew Daily)