Pomerantz LLP announces that a class action lawsuit has been filed against Equifax, Inc. (“Equifax” or the “Company”) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-07082, is on behalf of a class consisting of investors who purchased or otherwise acquired Equifax securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
Equifax is a global provider of information solutions and human resources business process outsourcing services for businesses, governments, and consumers.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company failed to maintain adequate measures to protect its data systems; (2) the Company failed to maintain adequate monitoring systems to detect security breaches; (3) the Company failed to maintain proper security systems, controls and monitoring systems in place; and (4) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On September 7, 2017, Equifax disclosed a cyber security incident involving consumer information impacting 143 million U.S. consumers.
On release of the news, the Company’s share price fell $24.09 per share, from a closing price on September 7, 2017, of $142.72 per share to a low of $118.63 per share on September 8, 2017, a drop of approximately 16.8%.