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Whole Foods Board Investigates Web Posts

AUSTIN, Texas — Whole Foods Market here yesterday said its board of directors has formed a special committee to conduct an independent investigation into online postings made on the financial message boards of Whole Foods and Wild Oats Markets.

AUSTIN, Texas — Whole Foods Market here yesterday said its board of directors has formed a special committee to conduct an independent investigation into online postings made on the financial message boards of Whole Foods and Wild Oats Markets. Last week the Securities & Exchange Commission said it had launched an informal investigation into messages posted by Whole Foods' chief executive officer, John Mackey, using a pseudonym. Mackey admitted to posting messages using the name "rahodeb" from 1999 to 2006 in which he often criticized Wild Oats and praised his own company. The board has retained Munger, Tolles & Olson to advise it during its investigation. In a separate statement, Mackey, who also is co-founder and chairman, issued an apology: "I sincerely apologize to all Whole Foods Market stakeholders for my error in judgment in anonymously participating on online financial message boards. I am very sorry and I ask our stakeholders to please forgive me."

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