DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against Yahoo! Inc. (“Yahoo”) (NasdaqGS: YHOO) and several officers and directors for acts taken during the period of November 12, 2013 and December 14, 2016 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of Yahoo. If you are an affected Yahoo shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants failed to disclose during the Class Period that Yahoo failed to encrypt its users’ personal information and/or failed to encrypt its users’ personal data with an up-to-date and secure encryption scheme, which caused sensitive personal account information from more than 1 billion users to be vulnerable to theft. The complaint also alleges that the defendants failed to disclose that a data breach resulting in the theft of personal user data would foreseeably cause a significant drop in user engagement with Yahoo’s websites and services.
On September 22, 2016, Yahoo revealed to the public that hackers improperly acquired information in late 2014 on more than 500 million user accounts. On this news, the price of Yahoo shares dropped over 3%. After the market closed on December 14, 2016, Yahoo announced that it had uncovered a data breach, compromising more than 1 billion user accounts since August 2013. On this news, Yahoo’s share price fell over 6% during intraday trading the next day.
The Briscoe Law Firm, PLLC is a full-service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.