SAN FRANCISCO, March 10, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Yahoo! Inc. (NASDAQ:YHOO) of the March 27, 2017 Lead Plaintiff deadline in the pending securities class action lawsuit concerning data breach disclosures to investors.
If you purchased or otherwise acquired securities of YHOO between November 12, 2013 and December 14, 2016 and suffered over $100,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/YHOO
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing YHOO@hbsslaw.com.
On September 22, 2016, Defendants disclosed that hackers stole information in late 2014 on more than 500 million user accounts. This news drove the price of Yahoo shares down over 3%. Then, on December 14, 2016, Defendants disclosed that in August 2013 hackers stole information on more than 1 billion user accounts. This news drove the price of Yahoo shares down over 6%.
More recently, the Wall Street Journal reported that the SEC has opened an investigation into the timing of Yahoo’s disclosures regarding the data breaches, stating “The SEC requires companies to disclose cybersecurity risks as soon as they are determined to have an effect on investors.”
On March 1, 2017 the Company announced: “In late 2014, senior executives and relevant legal staff were aware that a state-sponsored actor had accessed certain user accounts by exploiting the Company’s account management tool” and “it appears certain senior executives did not properly comprehend or investigate, and therefore failed to act sufficiently upon, the full extent of knowledge known internally[.]” It further explained the Yahoo board determined not to award CEO Marissa Mayer her otherwise-expected cash bonus, she would not receive any 2017 annual equity award, and the Company’s general counsel (Ronald Bell) resigned.
“We’re evaluating management’s knowledge of both security incidents and when disclosures should have been made to investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Yahoo! Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email YHOO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.