Equifax shares tumble over a Multibillion Dollar Hacking Lawsuit - Alldamoney

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Equifax shares tumble over a Multibillion Dollar Hacking Lawsuit

Over 143 Million US Customers affected in Equifax Hack
NYSE: EFX - Atlanta-based Equifax, one of the United States largest credit-reporting companies, along with Experian and TransUnion recently announced that hackers gained access to credit card numbers of roughly 209,000 consumers, plus certain dispute documents with personal identifying information for approximately 182,000 consumers.
The hacking attacks occurred from mid-May through July 2017 but the company chose not to announce it publicly until more than a month later.

Facing a proposed class-action lawsuit

In the complaint filed in Portland, Ore., federal court, against Equifax late Thursday evening user's alleged the firm was negligent in failing to protect consumer data, choosing to save money instead of spending on technical safeguards that could have stopped the attack.
Data revealed included Social Security numbers, addresses, driver’s license data, and birth dates. Some credit card information was also put at risk.
The plaintiffs in the lawsuit are Mary McHill and Brook Reinhard. Who both reside in Oregon and had their personal information stored by Equifax.
The case was filed by the firm Olsen Daines PC along with Geragos & Geragos, a celebrity law firm known for blockbuster class actions. Ben Meiselas, an attorney for Geragos, said the class will seek as much as $70 billion in damages nationally.

Stock price down

Two days after Equifax learned of the attack, CFO John Gamble sold shares with a market value of nearly $946,400, while Joseph Loughran, president of Equifax's U.S. Information Solutions, exercised options to sell nearly $584,100.
Rodolfo Ploder, president of business unit Workforce Solutions, sold shares valued at nearly $250,500 in Aug. 2, the filings show. The three executives continued to hold tens of thousands of Equifax shares after the transactions.
Customers voiced frustration that three senior executives sold about $1.7 million in stock in the days following the discovery of the hack.
Officials at Equifax said they "had no knowledge that an intrusion has occurred" at the time they sold their shares.
Shares of Equifax tumbled 13% Friday morning in pre-market trading after the consumer credit rating agency revealed that its data on nearly half of all U.S. consumers were hacked.

In the aftermath of the hack the company was widely criticized for its customer service approach, as users struggled to understand whether their information had been affected, but the company said it established a website www.equifaxsecurity2017.com, to help consumers determine whether their personal information may have been accessed and sign up for credit file monitoring and identity theft protection.

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