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Publisher of Piers Morgan's old tabloid sees shares tumble after hacking claims emerge

The publisher of the British tabloid once edited by Piers Morgan lost more than a tenth of its value after a prominent lawyer revealed that the newspaper stood accused of hacking into people's phones.

Shares in Trinity Mirror PLC closed down just over 10 percent at 64.5 pence (roughly $1.03) Tuesday on the London Stock Exchange, reversing recent gains by the troubled newspaper group.

Trinity Mirror runs the Daily Mirror, which Morgan edited between 1995 and 2004, along with roughly 135 other titles.

Lawyer Mark Lewis has accused the Daily Mirror of hacking into his clients' phones, but has given few details.

The phone hacking scandal erupted last year at Mirror rival News Corp., setting off a firestorm which has so far led to dozens of arrests, prosecutions, and resignations.