Whitehaven managing director Tony Haggarty said the company was pursuing its legal options regarding the fake ANZ release, which announced the withdrawal of $1.2 billion in funding.

However, he did not address the impact of the negative publicity about Maules Creek generated by the stunt.

While ANZ was quick to condemn the bogus release and Whitehaven’s shares recovered after being placed in a trading halt, the effectiveness of the Corporations Act in preventing misleading statements is being called into question.

“ANZ today became aware of a fraudulent media release purporting to be from ANZ falsely stating that funding has been withdrawn from Whitehaven Coal,” it said.

“This media release is a hoax and was not issued by ANZ. There have been no announcements from ANZ regarding Whitehaven Coal.

“ANZ remains fully supportive of Whitehaven Coal.”

The hoax press release was sent on ANZ letterhead by anti-coal campaigner Jonathan Moylan, who is opposed to the mine’s development near New South Wales state forests and agricultural land.

Protest group Front Line Action on Coal subsequently released a statement saying it would continue its campaign on the ANZ until it shifted its funding to “ethical investments”

“ANZ customers have the right to know that their money is being invested in a project which will force farmers off their land and destroy 1360 hectares of critically endangered koala habitat,” Moylan said.

“Federal Environment Minister Tony Burke has still not decided whether to approve this project and ANZ is putting their customer’s money at risk by investing in this marginal and controversial project.”

Allion Legal corporate principal Simon Rear told ILN the individual or groups behind the hoax could be charged for misrepresentation under the Corporations Act, while shareholders who were misled and sold their Whitehaven shares may resort to class action.

Rear said the Australian Securities & Investments Commission would probably seek to make an example of the offenders.

There have been two other cases of fake media announcements in the last six months – one involving contractor Macmahon Holdings and the other, retailer David Jones.

“You can’t stop people doing these things but you can deter them under the Corporations Act,” he said.

Beyond that, Rear said, there was limited scope for litigation.

In a statement an ASIC spokesperson said it was aware of the hoax press release and, in line with its normal practice, was looking into the matter and had commenced enquiries.

“We will be speaking to the people involved,” he said.

“ASIC's initial enquiries will focus on if there has been a breach of the Corporations Act (Section 1041E – false or misleading statements).

“If there appears to be a breach, ASIC will investigate and take timely and appropriate action.”

The maximum jail term for individuals in such cases is 10 years, with fines of up to $495,000.

Organisations face fines of up to $4.6 million.

The bogus release falsely stated that ANZ had withdrawn its loan because of "volatility in the global coal market, expected cost blow-outs and ANZ's corporate responsibility policy".

“We want our customers to be assured that we will not be investing in coal projects that cause significant dislocation of farmers, unacceptable damage to the environment, or social conflict," the phoney statement said.

"ANZ is currently undertaking a review of coal and gas investments on productive agricultural lands and areas of high biodiversity."

The hoax suggested the bank would consider withdrawing loans to other coal and coal seam gas projects as part of its status as a signatory to the Equator Principles, which is a voluntary code of environmentally and socially aware lending and investing.

Haggarty said Whitehaven treated matters such as the fraudulent hoax announcement by Moylan “very seriously”

“The integrity of the information provided to the public regarding Whitehaven goes to the heart of the market’s integrity and directly affects the price of Whitehaven shares, as well as our many shareholders,” he said.

“Whitehaven will liaise with the ASX and ASIC in relation to Mr Moylan’s irresponsible and ill-conceived conduct and trusts those authorities to take the appropriate action.

“Whitehaven is also investigating any legal action that may be available to it and its shareholders."

Whitehaven encountered opposition from locals in the Gunnedah district after it suggested coal from its Narrabri mine be trucked to the port of Newcastle after a derailment on the Boggabri rail line effectively stopped rail traffic on the line.

The company was forced to change its plans after locals claimed the trucks would be a hazard to local communities.