If you purchased First American securities, and/or would like to discuss your legal rights and options please visit First American Financial Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:(1) the Company failed to implement basic security standards to protect its customers’ sensitive personal information and data; (2) the Company faced a heightened risk of cybersecurity failure due to its automation and efficiency initiatives; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times.
On May 24, 2019, KrebsOnSecurity.com (“Krebs”) reported a massive data exposure by First American in which approximately 885 million customer files were exposed by First American. On this news, shares of First American fell $3.46 per share, or over 6%, to close at $51.80 on May 25, 2019.
Then, on October 22, 2020, First American filed a quarterly report on Form 10-Q with the SEC, announcing that the Company had received a wells notice regarding its massive security breach. On this news the price of First American shares fell approximately $4.83 per share, or 9% to close at $46.75 per share on October 22, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than December 24, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased First American securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/firstamericanfinancialcorporation-faf-shareholder-class-action-lawsuit-stock-fraud-328/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
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Matthew E. Guarnero
Bernstein Liebhard LLP