Reporters received a call about a week ago from a man who said he was a police officer, informing them of the alleged deaths, WFAA-TV of Dallas/Fort Worth reported.
The caller said he found two bodies in a river with a briefcase nearby with documents that identified the men as Americans Michael Davies and Derald Johnston, executives of Southridge Minerals, WFAA-TV reported.
The story appeared in many news outlets but none of the reporters quoted witnesses or traveled to the area where the bodies were allegedly found and there were no photos of the scene.
U.S. and Mexican authorities said they have no evidence of any incident in the area where the bodies were reported.
The Securities and Exchange Commission suspended trading of the company's stock in December and questioned statements made to investors about the company's operations in Mexico, WFAA-TV said.
A guard at the office listed as the headquarters for the company in Dallas said he never heard of Southridge Minerals.
The address for the company is listed on the fifth floor of the building, which doesn't exist.