NEW YORK, NY / ACCESSWIRE / November 8, 2020 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of First American Financial Corporation ("First American" or the "Company") (NYSE:FAF) between February 17, 2017 and October 22, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased First American securities, and/or would like to discuss your legal rights and options please visit First American Financial Shareholder Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or [email protected].
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors:(1) the Company failed to implement basic security standards to protect its customers' sensitive personal information and data; (2) the Company faced a heightened risk of cybersecurity failure due to its automation and efficiency initiatives; and (3) as a result, defendants' public statements were materially false and misleading at all relevant times.
On May 24, 2019, KrebsOnSecurity.com ("Krebs") reported a massive data exposure by First American in which approximately 885 million customer files were exposed by First American. On this news, shares of First American fell $3.46 per share, or over 6%, to close at $51.80 on May 25, 2019.
Then, on October 22, 2020, First American filed a quarterly report on Form 10-Q with the SEC, announcing that the Company had received a wells notice regarding its massive security breach. On 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.
If you wish to serve as lead plaintiff, you must move the Court no later than December 24, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased First American securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/firstamericanfinancialcorporation-faf-shareholder-class-action-lawsuit-stock-fraud-328/apply/ or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE: Bernstein Liebhard LLP