An investigation into incorrect data posted on Morningstar's main Web site has spread to at least two other Internet-based financial news providers, The Wall Street Journal reports.
Investigators with the SEC, which found discrepancies this spring between performance figures supplied by Rock Canyon Advisory Group and data on Morningstars Web site, are now examining MarketWatch and Yahoo Finances for the very same fund. The two financial Web sites displayed incorrect data showing that Rock Canyon's Top Flight Fund had given up gains, the fund's portfolio manager said. Morningstar acknowledged data errors concerning the Top Flight Fund and blamed the fowl-up on miscommunications with the Rock Canyon's transfer agent.
MarketWatch said it has not been contacted by regulators over the matter, but the firm made changes to sections of its Web site containing mutual fund performance data soon after the news about Morningstar broke. Yahoo declined to comment on the matter.