Our law firm is filing potential claims on behalf of shareholders of YAHOO! (NASDAQ: YHOO) over possible violations of US securities laws.
Did you own YAHOO! (NASDAQ: YHOO) stock between 04/30/2013 and 12/14/2016? If so, you may be entitled to compensation,
Call 1-800-934-2921 or complete the form on this page for a free consultation.
On March 2, 2018, Yahoo filed a settlement proposal that would require them to pay $80 million to settle a class-action lawsuit brought by several of the company’s shareholders. Those shareholders filed the case because the company did not disclose major data breaches which affected over 3 billion customers.
Shareholders filed the suit in January 2017. Their claim was that, because Yahoo failed to disclose four major data breaches in a timely manner, stock prices took a major downturn once the breaches became known to the public. The shareholders claimed the company deliberately misled them about the company’s cyber security practices, thus committing securities fraud in the process.
With the proposed settlement, Yahoo agrees to pay approximately $0.12 per share without admitting any liability related to its financial disclosures.
If the plaintiffs agree to the settlement, it will be one of the first significant settlements paid by a company in relation to a data breach. It would also set a strong precedent whereby shareholders can bring suit to claim damages caused by data breaches. Some legal experts think it may make companies more willing to settle for security breaches under the right circumstances.
The case will likely not end with the proposed settlement, even if the court gives its approval. According to a paper filed with the courts in January 2018, at least one of the plaintiffs has decided not to accept the settlement. Plus, the proposed settlement does not prevent other shareholders from filing suit against Yahoo or other jurisdictions from bringing forward related cases.
Shareholders of at least eight other companies have been filed class action lawsuits alleging similar data breaches led to falling stock prices. Two of those suits were voluntarily dismissed, but the other six are currently ongoing. No one knows how the proposed settlement would affect these cases.
Settlement of YAHOO! (NASDAQ: YHOO) Shareholder Lawsuit
YAHOO! (NASDAQ: YHOO) investors may be able to collect significant financial compensation for their losses. The recent settlement with the company has set aside hundreds of millions of dollars for compensating shareholders.
Sell shares of YAHOO! (NASDAQ: YHOO) ? YAHOO! (NASDAQ: YHOO) Shareholder Lawsuit Settlement. Contact us to protect your rights.
If you owned YAHOO! (NASDAQ: YHOO) stock between 04/30/2013 and 12/14/2016, complete the form on this page or call 1-800-934-2921 right now to protect your rights.