Equifax Discredited In New Securities Fraud Class Action
WASHINGTON, DC (September 19, 2017) — U.S. Market Advisors Law Group PLLC announces that a securities class action has been filed against Equifax, Inc. (“Equifax” or the “Company”)(NYSE:EFX). The class action is on behalf of investors who acquired Equifax common stock between February 25, 2016 and September 7, 2017.
Investors with losses have until November 11, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. The Lead Plaintiff is a representative for absent members of the class. Investors do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action. Contact USMA Law Group to discuss this action.
Allegations Against Equifax
Equifax Inc. is a global provider of information solutions and human resources business process outsourcing services for businesses, governments and consumers.
According to the lawsuit, during the Class Period, Equifax made false and/or misleading statements and/or failed to disclose that: (1) the Company failed to maintain adequate measures to protect its data systems; (2) the Company failed to maintain adequate monitoring systems to detect security breaches; (3) the Company failed to maintain proper security systems, controls and monitoring systems in place; and (4) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On September 7, 2017, Equifax disclosed a cyber security incident involving consumer information impacting 143 million U.S. consumers.
On release of the news, the Company’s share price 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 approximately 16.8%.
On August 1 and 2, 2017, after the breach was discovered but before Equifax disclosed it, the Company’s CFO and other executive officers sold an aggregate amount 12,229 shares for approximately $1.78 million. The Department of Justice has opened a criminal investigation into the stock sales, according to news reports.
About USMA Law Group
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
Contact
David P. Abel
(202) 274-0237
[email protected]