Marriott investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Marriott operates, franchises, and licenses hotel, residential, and timeshare properties worldwide. On September 23, 2016, Marriott announced it had completed its more than $13 billion acquisition of Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”).
The Class Period commences on November 9, 2016, when Marriott filed a Form 10-Q for the quarterly period ended September 30, 2016 with the SEC. The Form 10-Q stated in relevant part, “Our businesses process, use, and transmit large volumes of internal employee and customer data, including credit card numbers and other personal information in various information systems that we maintain[.] . . . Our customers and employees also have a high expectation that we, as well as our owners, franchisees, licensees, and service providers, will adequately protect their personal information.”
According to the complaint, on November 30, 2018, before market hours, Marriott reported a potential data breach involving the personal information of 500 million guests. According to the release, there had been unauthorized access to the Starwood network since 2014.
Following this news, Marriott’s stock fell $6.81, or over 5.5%, to close at $115.03 per share on November 30, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Marriott’s and Starwood’s systems storing their customers’ personal data were not secure; (2) there had been unauthorized access on Starwood’s network since 2014; (3) consequently, the personal data of approximately 500 million Starwood guests and sensitive personal information of approximately 327 million of those guests may have been exposed to unauthorized parties; and (4) as a result, Marriott’s public statements were materially false and/or misleading at all relevant times.
If you are a member of the class described above, you may no later than January 30, 2019 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. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their 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 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. 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.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com