In re Equifax Inc. Securities Litigation
|Court:||United States District Court, Northern District of Georgia|
|Judge:||Hon. Thomas W. Thrash|
|Class Period:||02/25/2016 - 09/15/2017|
|Case Contacts:||James A. Harrod, Abe Alexander, Brenna Nelinson|
This securities fraud class action asserts claims under Section 10(b) of the Exchange Act of 1934 against Equifax, Inc. (“Equifax” or “the Company”) and its former Chief Executive Officer Richard F. Smith, Chief Financial Officer John W. Gamble, President of Equifax Workforce Solutions Rodolfo O. Ploder, and Senior Vice President of Investor Relations Jeff Dodge, as well as “control person” claims under Section 20(a) of the Exchange Act against Equifax’s the same four executives, on behalf of all persons who purchased Equifax securities between February 25, 2016 and September 15, 2017 and suffered damages thereby.
On February 21, 2018, the Honorable Thomas W. Thrash, U.S. District Judge for the Northern District of Georgia, entered an Order appointing Union Asset Management as Lead Plaintiff and appointing BLB&G as Lead Counsel for the investor class.
On April 23, 2018, Lead Plaintiff filed the Consolidated Class Action Complaint.
The Complaint asserts claims arising from false and misleading statements made by Equifax and its executives concerning the Company’s data security, compliance with applicable laws, regulations and industry practices concerning cybersecurity and the Company’s internal controls. The claims arise from the massive data breach the Company experienced in 2017 after having touted Equifax’s cybersecurity and compliance, as well as the importance of its role as a “trusted steward” of sensitive consumer information. The action further alleges that the truth about Equifax’s vulnerability to unauthorized intrusions into its data systems was revealed to investors in the days following the Company’s September 7, 2017 announcement that its systems had been compromised in one of the largest data breaches in U.S. history, resulting in the theft of highly-sensitive information regarding approximately 148 million Americans. Over $3 billion in shareholder value was destroyed when the facts concealed by Defendants’ false and misleading statements were revealed through these disclosures.
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