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Securities Exchange Act › Data Breach

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +
The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange Commission (SEC), which is the primary regulatory agency enforcing federal securities laws. less -
Holland & Knight LLP

SEC Expands Scope of Internal Accounting Controls in Cybersecurity Breach Settlement

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The SEC continues to expand its cybersecurity enforcement authority to include allegations that a company's failure to monitor its managed security service providers (MSSP) amounts to violations of federal securities laws....more

Pietragallo Gordon Alfano Bosick & Raspanti,...

What Constitutes a Misleading Statement in a Company’s Response to a Data Breach?

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Takeaway: To ensure investor safety and emphasize a commitment to user privacy, corporate executives and similarly-situated high ranking officers must not provide any statements or omissions that affirmatively create a...more

Smith Anderson

Marriott Investor’s Security Fraud Claims Arising from Data Breach Rejected by Fourth Circuit

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The Fourth Circuit dismissed an investor’s lawsuit against a hotel chain that had been subject to a data breach, ruling that the company had not made false or misleading public statements about its protection of customer...more

Pillsbury Winthrop Shaw Pittman LLP

Twelve Hours to Get It Right: The SEC Intensifies Its Focus on Cybersecurity

Pillsbury Winthrop Shaw Pittman LLP on

The SEC’s recent enforcement actions, public statements and proposed rulemaking indicate that cybersecurity will be an area of heightened focus for the Gensler Commission. New proposed rules would require public companies...more

A&O Shearman

Northern District Of California Dismisses Putative Class Action Against Social Media Company For Failure To Adequately Allege...

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On December 20, 2021, the United States District Court for the Northern District of California dismissed a putative class action against a social media company and certain of its executives under the Securities Exchange Act. ...more

Carlton Fields

A Year in Review: Top 10 Class Action Cases of 2021

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This year has been an important one for class action law. Here are 10 of the most important class action cases of 2021 and their impact on class action litigation....more

Hinshaw & Culbertson - Privacy, Cyber & AI...

Public Companies Must Accurately Disclose Material Cyber Breaches to Investors

Hinshaw & Culbertson - Privacy, Cyber & AI... on

On August 16, 2021, the Securities and Exchange Commission (SEC) announced a $1 million settlement with Pearson plc (Pearson) in connection with a 2018 "cyber intrusion" that resulted in the theft of millions of student...more

Sheppard Mullin Richter & Hampton LLP

SEC Fine Highlights Importance of Cybersecurity Disclosures

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The SEC recently announced a settlement with Pearson plc where the company has agreed to pay $1 million to settle charges that it misled investors about a 2018 cyber incident. According to the order, Pearson made misleading...more

BCLP

Privacy, Vulnerabilities, and Breaches, Oh My

BCLP on

A recent SEC settlement shed light on data security and privacy concerns that public companies should keep in mind when drafting and filing periodic reports. The SEC settlement concerned a 2018 data breach at Pearson Plc that...more

Arnall Golden Gregory LLP

SEC Brings Charges Against Company for Deficient Data Breach Reporting Protocol

Arnall Golden Gregory LLP on

When implementing breach response policies and enterprise-level security measures, companies always consider guidance. Historically, when responding to security breaches and engaging in advance breach remediation handling,...more

Goodwin

2020 Year In Review Securities Litigation Against Technology Companies

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In many ways, 2020 was an unprecedented year. In midMarch, the United States abruptly went into lockdown as coronavirus cases began to spike; a national emergency was declared, travel bans and gathering restrictions were...more

Proskauer - Corporate Defense and Disputes

SolarWinds Government Data Breach Leads to Securities Action

Proskauer - Corporate Defense and Disputes on

The massive data breach of the United States Commerce and Treasury Departments that has roiled the federal government has resulted in federal securities litigation. On January 4, 2021, Plaintiff-Shareholder Timothy Bremer...more

Proskauer - The Capital Commitment

Regulatory Crackdown on Ransomware

Proskauer - The Capital Commitment on

Ransomware is a Serious and Growing Problem - In recent years, Ransomware has evolved from merely encrypting files/disabling networks in solicitation of ransom, to sophisticated attacks that often involve actual data...more

Proskauer - Minding Your Business

Shareholder Seeks Second Look At Company Data Security Practices

Proskauer - Minding Your Business on

On November 25, 2020, a shareholder of First American Financial Corporation (“First American”) filed suit against the company and its officers and directors over a massive data security breach that exposed hundreds of...more

Goodwin

California State Court Upholds Exclusive Federal Forum-Selection Charter Provision for 1933 Act Suits

Goodwin on

California State Court Upholds Exclusive Federal Forum-Selection Charter Provision for 1933 Act Suits; California District Court Dismisses Fraud-Related Claims Against AT&T; Third Circuit Holds Challenge to SEC’s Decision to...more

A&O Shearman

Northern District Of California Dismisses Putative Class Action Against Digital Payments Company For Failure To Adequately Allege...

A&O Shearman on

On September 18, 2019, Judge Edward M. Chen of the United States District Court for the Northern District of California dismissed a putative class action against a digital payment services company and certain of its officers...more

Epiq

SEC Remains Focused on Cybersecurity

Epiq on

After a long silence since guidance was last issued a year ago, there’s now widespread expectation that the Securities and Exchange Commission will get much more specific this year about new cybersecurity disclosures for...more

Jones Day

Jones Day Global Privacy & Data Security Update | Vol. 20

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UNITED STATES - Regulatory—Policy, Best Practices, and Standards - NIST Releases Internal Report Regarding IoT Cybersecurity - In September, the National Institute of Standards and Technology ("NIST") released a draft...more

Parker Poe Adams & Bernstein LLP

Cyberfraud Victims May Have Violated SEC Internal Control Requirements: Adding Insult to Injury

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Just when you thought the hazards of cyberfraud couldn’t get worse, the SEC recently issued a Report of Investigation (more on that later) stating that nine recent corporate victims of cyberfraud may have compounded their...more

Perkins Coie

SEC 21(a) Report Warns Public Company Email Scam Victims of Bigger Problems Than Stolen Money

Perkins Coie on

Known by many names, including business email compromise fraud, CEO or CFO fraud, impersonation attacks, or “Man-in-the-Email” scams, cyber-related frauds involving spoofed or otherwise compromised business electronic...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Investigative Report on Cybersecurity Emphasizes Internal Controls

Skadden, Arps, Slate, Meagher & Flom LLP on

On October 16, 2018, the Securities and Exchange Commission (SEC) issued a Report of Investigation (Report) detailing an investigation by the SEC’s Enforcement Division into the internal accounting controls of nine issuers...more

Akin Gump Strauss Hauer & Feld LLP

SEC Warns Companies of Potential Internal Accounting Control Violations with Business Email Compromise

Akin Gump Strauss Hauer & Feld LLP on

• The SEC issued guidance in the form of a rare “21(a) report” this week after investigating a series of email frauds impacting 9 unnamed companies. • These email-based frauds, referred to as “CEO scams” or “vendor scams,”...more

Blank Rome LLP

The FinTech Revolution: How Data Breaches Can Result in Regulatory Enforcement Actions

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This is the fifth installment in a series of articles. For more background on this topic, please read our first article in the series, An Introduction to Financial Technology; our second article, The FinTech Revolution:...more

Jones Day

SEC Announces Yahoo Will Pay $35 Million for Failure to Disclose Data Security Incident

Jones Day on

The Situation: The SEC accused Altaba Inc., then known as Yahoo! Inc., of misleading investors by failing to disclose a major data breach orchestrated by Russian hackers. The Result: Altaba has agreed to pay $35 million to...more

Poyner Spruill LLP

The SEC Fines Yahoo for Alleged Failure to Disclose CyberBreach

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The Securities and Exchange Commission (SEC) has undertaken its first enforcement action in connection with a public company’s failure to timely disclose cyber-issues. Last month, Altaba Inc., the former Yahoo! Inc. (Yahoo!),...more

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