First American investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, First American, through its subsidiaries, provides financial services through its title insurance and services segment and its specialty insurance segment.
The Class Period commences on February 17, 2017, when First American filed an annual report on a Form 10-K with the SEC, announcing its financial and operating results for the fiscal year ended December 31, 2016. The Form 10-K made clear to investors that First American understood its information and data services were a key component of First American’s success.
On May 24, 2019, KrebsOnSecurity.com, a noted cybersecurity blog, reported a massive data exposure by First American in which approximately 885 million customer files were exposed by First American. Following this news, shares of First American fell $3.46, or over 6%, to close at $51.80 on May 25, 2019.
Then, on October 22, 2020, First American filed a quarterly report on a Form 10-Q with the SEC, announcing that it had received a Wells Notice regarding its massive security breach, stating “[i]n September 2020, the Company received a Wells Notice informing the Company that the enforcement staff has made a preliminary determination to recommend a filing of an enforcement action by the SEC against the Company.”
Following this news, the price of First American shares fell approximately $4.83 per share, or 9%, to close at $46.75 per share on October 22, 2020.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) First American failed to implement basic security standards to protect its customers’ sensitive personal information and data; (2) First American faced a heightened risk of cybersecurity failure due to its automation and efficiency initiatives; and (3) as a result, the defendants’ public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than December 28, 2020 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-844-887-9500 (toll free) or 1-610-667-7706
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