The publication, operated by the Columbia School of Journalism, called out multiple media reports today that touted Apple's massive market capitalization.

Stories published by the likes of Bloomberg, USA Today and the Wall Street Journal ran headlines such as "Apple sets record for most valuable company," noted the .

But they were wrong, the press watchdog contended.

"Apple is not the biggest or most valuable company in history--not by a long shot," argued CJR. "Apple's $622 billion market cap is a nominal record, which means 'in name only,' or alternatively, not really. That's because it's a record only if you don't adjust Microsoft's 1999 market cap for inflation. Sorry, but you have to adjust any number like this that's that old for inflation -- it's comparing apples to oranges not to do so."

According to data from S&P Dow Jones Indices, Microsoft's market capitalization -- the value of all outstanding shares -- peaked at $620.6 billion in December 1999.