Equifax Inc. (NYSE: EFX)
A class action has been commenced on behalf of purchasers of Equifax Inc. (NYSE: EFX) common stock during the period between February 25, 2016 and September 7, 2017 (the “Class Period”).
The complaint charges Equifax and certain of its officers with violations of the Securities Exchange Act of 1934. Equifax is a global provider of information solutions and human resources business process outsourcing services for businesses, governments and consumers. Equifax maintains databases of consumer and business information derived from numerous sources and uses statistical techniques and proprietary software tools to analyze the data to create solutions and services for its clients.
The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information about the Company’s business and operations, including that the Company had failed to maintain adequate measures to protect its data systems and adequate monitoring systems to detect security breaches. As a result of defendants’ false statements and/or omissions, the price of Equifax common stock was artificially inflated during the Class Period, trading at prices of more than $140 per share. Moreover, on August 1 and 2, 2017, after the breach was discovered by defendants but before it was disclosed, Company insiders, including the Company’s CFO defendant John W. Gamble, Jr., were able to take advantage of the artificial inflation in the stock’s price by selling more than $1.78 million worth of own their Equifax shares.
Then on September 7, 2017, Equifax disclosed that it had identified a “cybersecurity incident potentially impacting 143 million U.S. consumers.” According to Equifax, it learned of the data breach on July 29, 2017 and determined that the unauthorized access occurred from mid-May through July 2017. In addition to accessing names, Social Security numbers, birth dates and addresses of certain users, the hackers “also accessed credit card numbers for approximately 209,000 U.S. consumers.” Following this news, the price of Equifax stock fell $24.09 per share, from a closing price on September 7, 2017 of $142.72 per share to a low of $118.63 per share on September 8, 2017 – a drop of more than 16%.
If you are a current shareholder and purchased stock between February 25, 2016 and September 7, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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