NEW YORK, Nov. 12, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of First American Financial Corporation (“First American” or the “Company”) (NYSE: FAF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether First American and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 24, 2019, KrebsOnSecurity reported that First American’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, First American’s stock price fell $3.31 per share, or 6%, to close at $49.52 per share on May 27, 2019.
Then, on October 22, 2020, after the market closed, First American disclosed receipt of a Wells Notice from the U.S. Securities and Exchange Commission (“SEC”), regarding a preliminary determination to file an enforcement action against the Company related to the security breach. Specifically, 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’s stock price fell $4.83 per share, or 9.36%, to close at $46.75 per share on October 22, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980