  Misinformation proliferates in the online sphere, with evident impacts on the
political and social realms, influencing democratic discourse and posing risks
to public health and safety. The corporate world is also a prime target for
fake news dissemination. While recent studies have attempted to characterize
corporate misinformation and its effects on companies, their findings often
suffer from limitations due to qualitative or narrative approaches and a narrow
focus on specific industries. To address this gap, we conducted an analysis
utilizing social media quantitative methods and crowd-sourcing studies to
investigate corporate misinformation across a diverse array of industries
within the S\&P 500 companies. Our study reveals that corporate misinformation
encompasses topics such as products, politics, and societal issues. We
discovered companies affected by fake news also get reputable news coverage but
less social media attention, leading to heightened negativity in social media
comments, diminished stock growth, and increased stress mentions among employee
reviews. Additionally, we observe that a company is not targeted by fake news
all the time, but there are particular times when a critical mass of fake news
emerges. These findings hold significant implications for regulators, business
leaders, and investors, emphasizing the necessity to vigilantly monitor the
escalating phenomenon of corporate misinformation.
