News & Analysis as of

Failure To Disclose

SEC Issues First Ever Enforcement Action For Failure to Disclose a Data Breach, Obtaining $35 Million Penalty

by Holland & Hart LLP on

The U.S. Securities and Exchange Commission announced on April 24, 2018 that Yahoo! (now known as Altaba, Inc.) agreed to pay a $35 million civil penalty to resolve claims that it failed to appropriately and timely disclose...more

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

by 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

Alleged Environmental Violation/False Claims Act: U.S. District Court Considers Application of Implied False Certification Theory

A United States District Court (Eastern District-Pennsylvania) (“Court”) addressed a qui tam action filed by Gary Cressman (“Cressman”) under the federal False Claims Act (“FCA”) in connection with an alleged environmental...more

The Hacked & the Hacker-for-Hire: Lessons from the Yahoo Data Breaches (So Far)

by Ballard Spahr LLP on

The fallout from the Yahoo data breaches continues to illustrate how cyberattacks thrust companies into the competing roles of crime victim, regulatory enforcement target and civil litigant. ...more

The SEC Fines Yahoo for Alleged Failure to Disclose CyberBreach

by Poyner Spruill LLP on

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

FTC Bugged by Unsubstantiated Mosquito Repellant Claims and Endorsements With Undisclosed Material Connections

by Dorsey & Whitney LLP on

The FTC announced an enforcement action last week that focused on two hot button issues – unsubstantiated health claims and failure to disclose material connections between endorsers and product marketers. In re Mikey & Momo,...more

Between a Rock and a Hard Place: SEC Disclosure Analysis in Light of Yahoo Settlement

by McGuireWoods LLP on

On April 25, the Securities and Exchange Commission announced a settlement with Yahoo that constituted its first enforcement action against a public company for failing to disclose a data breach. This settlement...more

It’s a material world - why the SEC’s Yahoo! penalty really matters

In the aftermath of the April 24, 2018, Securities and Exchange Commission (SEC) statement announcing its penalty against Altaba Inc., formerly Yahoo! Inc. (Yahoo!), for failing to timely report a massive data breach,...more

$35 Million Yahoo Fine Reflects SEC’s Heightened Cybersecurity Focus

by Ropes & Gray LLP on

On April 24, 2018, the Securities and Exchange Commission (“SEC”) announced the settlement of its first-ever enforcement action against a company for an alleged failure to disclose a cybersecurity breach. Altaba Inc., the...more

Yahoo’s $35M SEC Settlement: Takeaways from the First Enforcement Action for Failure to Disclose a Data Breach

by Fenwick & West LLP on

The U.S. Securities and Exchange Commission announced on April 24, 2018, that Yahoo! — now known as Altaba — agreed to pay a $35 million penalty to settle claims that the company failed to timely disclose a 2014 data breach...more

Yahoo! Settlement Affirms SEC's Focus on Cybersecurity Disclosures

by Williams Mullen on

In late April 2018, the SEC and Altaba (formerly known as Yahoo!) agreed to a $35 million penalty to settle charges that Yahoo! misled investors by failing to disclose to investors its December 2014 data breach in which...more

Altaba (Yahoo) Agrees to Pay $35 million Penalty as SEC Continues to Emphasize Importance of Cybersecurity Data Breach Disclosures

On April 24, 2018, the Securities and Exchange Commission (the “SEC”) announced that Altaba Inc. (f/k/a Yahoo! Inc.) agreed to pay a $35 million penalty relating to charges that it misled investors with respect to disclosure...more

Yahoo Fined $35 Million for Failing to Report Data Breach

by Fisher Phillips on

On April 24, 2018, the Securities Exchange Commission (SEC) announced a $35 million fine against the company formerly known as Yahoo! Inc. (now known as Altaba, Inc.) for failing to disclose a massive cyber data breach to its...more

An Unasserted Lesson of the SEC’s Yahoo Cyberbreach Enforcement Action

by Locke Lord LLP on

Much has already been written about the SEC’s enforcement action involving Yahoo’s failure to adequately disclose a cyberbreach.1 I am writing about something that the SEC’s announcement and order did not address and...more

SEC Fines Yahoo $35 Million for Failure to Timely Disclose a Cyber Breach

by White & Case LLP on

On April 24, 2018, the Securities and Exchange Commission (the "SEC") announced that Altaba Inc. f/d/b/a Yahoo! Inc. ("Yahoo") agreed to pay a $35 million penalty to settle charges that it misled investors by failing to...more

SEC Announces Its First Enforcement Action Over Cyber-related Disclosures

by Alston & Bird on

The Securities and Exchange Commission’s $35 million settlement with Altaba Inc., the successor in interest to Yahoo! Inc., is the first civil penalty of its kind for a data breach and underscores the agency’s increasing...more

Failure to Disclose Leads to $35 Million Penalty in the Yahoo! Cybersecurity Breach

by Dorsey & Whitney LLP on

The Securities and Exchange Commission (the “SEC”) announced Tuesday that Altaba, the entity formerly known as Yahoo! Inc., has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to...more

Yahoo Settles Claims by SEC regarding 2014 Data Breach

by Murtha Cullina on

Yesterday, the Securities and Exchange Commission (SEC) announced an important administrative settlement with Altaba (Yahoo) related to the company’s failure to disclose a major security breach to its users and investors....more

Yahoo/Altaba Agree to $35 Million SEC Penalty for Failure to Disclose Massive Security Breach

In perhaps the SEC’s first major shot across the bow, Yahoo (now known as Altaba) has agreed to pay the SEC $35 million for failure to disclose a massive security breach to its investors. I’m guessing Equifax, Facebook and a...more

Court Holds That There Is A Fact Issue By Former Employer Against Employee For Breach Of Fiduciary Duty In Self-Dealing...

by Winstead PC on

In Roberts v. Overby-Seawell Co., an employee sued his former employer for the failure to pay commissions. No. 3:15-CV-1217-L, 2018 U.S. Dist. LEXIS 47821 (N.D. Tex. March 23, 2018). ...more

Uber’s Latest Headache

An expanded settlement by the Federal Trade Commission with ride-sharing giant Uber Technologies should serve as a lesson to other businesses about what happens when a company fails to disclose a data breach during an ongoing...more

Southern District Of New York Dismisses Exchange Act Claims Alleging Failure To Properly Disclose Potential FCPA Violations

by Shearman & Sterling LLP on

On March 30, 2018, the United States District Court for the Southern District of New York dismissed with prejudice a class action complaint against Embraer S.A. (“Embraer” or the “Company”) and several of its officers,...more

SEC San Francisco Regional Enforcement Director Confirms SEC Private Company Enforcement Trend Will Continue

At a recent panel organized by San Francisco’s Federal Bar Association, the San Francisco Regional Director of the Securities and Exchange Commission (SEC), Jina Choi, confirmed that the agency continues to focus on investor...more

Lessons Learned from Recent SEC and FINRA Cases for April 2018

If it walks like a duck, swims like a duck, and quacks like a duck…. Then it just may be a duck. The SEC censured and fined Financial Fiduciaries, LLC, a SEC registered investment advisor and Thomas Batterman for violating...more

SEC Offers “Favorable Terms” to Advisers that Self-Report Failure to Disclose Receipt of 12b-1 Fees

On February 12, 2018, the SEC Division of Enforcement announced a new self-reporting initiative – the Share Class Selection Disclosure (the “SCSD Initiative”). The Initiative, led by the Commission’s Asset Management Unit,...more

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Cybersecurity

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