SAN FRANCISCO, Dec. 16, 2016 /PRNewswire-USNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Yahoo! Inc. (NASDAQ: YHOO) to a newly disclosed data breach and to the firm's continuing investigation into possible securities law violations.
If you purchased or otherwise acquired securities of YHOO and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing YHOO@hbsslaw.com.
On December 15, 2016, Yahoo reported yet another major data breach to its users' accounts. As Reuters reported, Yahoo's disclosure relates to a hack of user data occurring in 2013. More than 1 billion accounts were allegedly hacked.
As a result, Verizon reportedly is looking at ways to reprice a deal announced in July 2016 whereby it would buy certain assets from Yahoo for $4.825 billion in cash. The purchase excludes Yahoo's cash and marketable securities, equity interests in Alibaba Group Holdings Ltd., Yahoo Japan, and all of the equity in Excaliber IP LLC. Verizon reportedly is also considering walking away from the deal with court approval. In response, Yahoo's share price fell over 6% to close at $38.41 per share on December 15, 2016.
Yahoo originally disclosed a 2014 breach on September 22, 2016. A copy of certain user account information for at least 500 million user accounts was stolen in the 2014 breach. CEO Marissa Mayer reportedly knew of the hack since as early as July 2016 but withheld that information from investors, regulators, and Verizon. In response, Yahoo's share price fell by over 3%.
"We're evaluating management's knowledge of both security incidents and when disclosures should have been made to investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Yahoo! Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email YHOO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm's Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
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SOURCE Hagens Berman Sobol Shapiro LLP