NEW YORK, Oct. 23, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of First American Financial Corporation (NYSE: FAF) resulting from allegations that First American may have issued materially misleading business information to the investing public.
On May 24, 2019, Brian Krebs of krebsonsecurity.com published a report alleging that First American may have allowed unauthorized access to more than 885 million records related to mortgage deals going back to 2003. According to report, First American said that it learned of a "design defect in one of its production applications that made possible unauthorized access to customer data" and has shut down external access. On this news, First American's shares fell $3.46 per share, or 6%, to close at $51.80 per share.
Then, on October 22, 2020, First American announced that it had received a Wells Notice from the U.S. Securities and Exchange Commission "informing the Company that the enforcement staff has made a preliminary determination to recommend a filing of an enforcement action[.]" The Wells Notice was related to the earlier security breach.
On this news the price of First American shares fell $4.83 per share, or 9%, to close at $46.75 per share on October 22, 2020.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm's attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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