NEW YORK, Feb. 16, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Yahoo! Inc. ("Yahoo!" or the "Company") (NASDAQ: YHOO) of the March 27, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Yahoo common shares between November 12, 2013 and December 14, 2016 (the "Class Period"). The case, Madrack v. Yahoo! Inc. et al., No. 17-cv-00373 was filed on January 24, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to store users' personal information with an up-to date and secure encryption scheme.
Initially, on September 22, 2016, Yahoo announced that unidentified hackers had obtained information in late 2014 on more than 500 million Yahoo accounts. Then, on December 14, 2016, during post-market hours, Yahoo announced that more than 1 billion user accounts were compromised though a data breach in August 2013. Following the announcement, Verizon Communications Inc. announced that it would consider an amendment to the terms of its deal with Yahoo to reflect the impact of the data breach.
On this news, Yahoo's share price fell from $40.91 per share on December 14, 2016 to a closing price of $38.41 on December 15, 2016—a $2.50 or a 6.11% drop.
Request more information now by clicking here: www.faruqilaw.com/YHOO. There is no cost or obligation to you.
If you invested in Yahoo stock or options between November 12, 2013 and December 14, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/YHOO. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Yahoo's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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