SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether certain officers and directors of Global Payments, Inc. (NYSE: GPN) breached their fiduciary duties to the company and its shareholders in connection with a massive data security breach reported on March 30, 2012.
Global Payments is a credit card processing company that processes data and credit card transactions for Visa, Mastercard, and other card issuers. On March 30, 2012, it was reported that a significant security breach at Global Payments released personal financial information of up to ten million cardholders. Following news of the security breach, the share price of Global Payments stock immediately dropped 9% before trading was halted.
In response to the breach, Global Payments released a series of statements claiming that the breach affected fewer than 1.5 million credit cards and that the situation was “absolutely contained.” However, at least one security analyst questioned this statement, explaining that the company “has not said how many transactions they processed – and potentially compromised,” meaning that the number of exposed transactions “is probably far larger than the 1.5 million number they are citing in their statements.” Another analyst summed up the company’s response to the breach thusly: “I think there are more questions than answers.”
On April 2, 2012, Visa announced that it has dropped Global Payments from its registry of providers.
Johnson & Weaver, LLP’s investigation focuses on whether certain officers and directors knowingly issued false statements, or failed to properly monitor the company’s security infrastructure. If you are interested in learning about the investigation or your legal rights and remedies, please contact attorney Shawn Fields at (619) 230-0063 or email@example.com.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.