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Oklahoma City, OK (October 12, 2018) – On October 11, 2018, a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York against Alphabet, Inc. (NASDAQ: GOOG). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 24, 2018 through October 10, 2018. More specifically, the Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Google exposed the private data of hundreds of thousands of Google+ social network users; (2) Google actively concealed this data breach for several months; (3) this conduct violated Google’s purported data privacy and security policies; (4) discovery of the foregoing conduct could foreseeably subject Alphabet to heightened regulatory scrutiny; and (5) as a result, Alphabet’s public statements were materially false and misleading at all relevant times.
Alphabet, through its subsidiary Google, operates a social networking website called “Google+” that allows people to communicate with their family, friends, and coworkers. Google+ users ostensibly have the ability to share and restrict the sharing of personal information according to their preferences by changing privacy settings.
On October 8, 2018, citing “people briefed on the incident and documents reviewed,” The Wall Street Journal reported that in March 2018, Google discovered a software glitch in its Google+ social network that had exposed users’ personal data to third parties, but “opted not to disclose the issue. . . in part because of fears that doing so would draw regulatory scrutiny and cause reputational damage.” Following this news, Google’s stock price fell $67.75 per share, or 5.9%, over the following two trading sessions, to close at $1,081.22 per share on October 10, 2018.
Plaintiff seeks to recover damages on behalf of all Alphabet, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, December 10, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org