LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) continues its investigation on behalf of First American Financial Corporation (“First American Financial” or the “Company”) (NYSE: FAF) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your First American Financial investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/first-american-financial-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On May 24, 2019, KrebsOnSecurity reported that the Company’s website “leaked hundreds of millions of documents related to mortgage deals going back to 2003.” The records included bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and driver’s license images—all of which “were available without authentication to anyone with a Web browser.” Approximately 885 million records were exposed.
On this news, the First American Financial’s share price fell $3.31, or 6%, to close at $49.52 per share on May 28, 2019, thereby injuring investors.
On October 22, 2020, after the market closed, First American Financial disclosed that it had received a Wells Notice from the SEC, regarding a preliminary determination to file an enforcement action against the Company related to the security breach. The SEC questioned the adequacy of the Company’s disclosures at the time of the incident and the adequacy of its disclosure controls.
On this news, First American Financial’s share price fell sharply during afterhours trading on October 22, 2020.
Whistleblower Notice: Persons with non-public information regarding First American Financial should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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