LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation of First American Financial Corporation ("First American Financial" or the "Company") (NYSE: FAF) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On May 24, 2019, KrebsOnSecurity reported that First American Financial’s website “leaked hundreds of millions of documents related to mortgage deals going back to 2003.” The records included bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and driver’s license images—all of which “were available without authentication to anyone with a Web browser.” Approximately 885 million records were exposed.
On this news, the Company’s share price fell $3.31, or 6%, to close at $49.52 per share on May 28, 2019, thereby injuring investors.
On October 22, 2020, after the market closed, First American Financial disclosed that it had received a Wells Notice from the SEC, regarding a preliminary determination to file an enforcement action against the Company related to the security breach. The SEC questioned the adequacy of the Company’s disclosures at the time of the incident and the adequacy of its disclosure controls.
On this news, the Company’s share price fell sharply during afterhours trading on October 22, 2020.
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If you purchased First American Financial securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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