WeissLaw LLP, a national class action and shareholders’ rights law firm, announces an investigation of Equifax, Inc. (NYSE: EFX) (“EFX,” or the “Company”), its Board of Directors, and certain Company officers for, among other things, possible breaches of fiduciary duty and violations of federal securities laws.
On September 7, 2017, the credit-monitoring giant announced that on July 29 it discovered that the Company had experienced a breach in its cybersecurity system. EFX revealed that from mid-May to July “criminals” exploited a weakness in a website application to gain access to files containing the sensitive personal information of approximately 143 million Americans, making them vulnerable to identity theft; the breach also exposed the credit card numbers of 209,000 US consumers. According to several independent sources, EFX’s unprecedented security breach could the largest theft involving Social Security numbers.
The Company also reported that on August 1 and 2, more than a month prior to the announcement and less than a week after its discovery of the cyber-breach incident, three top executives at EFX sold nearly $2 million in EFX shares.
Following the announcement, EFX shares nose-dived a staggering $24.89, from the previous day’s trading price of $142.14 to $117.25. Overnight, shareholders lost nearly 20% of their shares’ value, and several analysts revised their target prices. EFX shares continue to take a battering, trading for as low $112.18 on September 12, wiping out all of the stock’s gains since the beginning of the year.
WeissLaw is investigating whether EFX’s Board (1) failed to properly safeguard, secure and protect consumers’ sensitive personal information; (2) established and maintained a comprehensive security program to protect consumers’ sensitive personal information; and (3) made false and/or misleading statements. If you wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771, or by e-mail at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients. For more information about the firm, please go to: http://www.weisslawllp.com/equifax-inc/