For shareholders of Benguet Corp, a Philippine gold mining company, it was bad enough that the stock exchange suspended trading of the company’s shares for a month after it failed to disclose it had received default notices from some creditors.

Many investors lost money as they rushed to unload shares ahead of the trading freeze that was to start on October 27. The day the stock exchange issued the order, October 19, trading rose six-fold as the stock began to slide down. Five days later, Benguet Corp had fallen by more than a quarter while the stock exchange index was up slightly.