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First American Financial Corporation 

Securities Class Action

  • Date:
  • 12/24/2020
  • Company Name:
  • First American Financial Corporation
  • Stock Symbol:
  • FAF
  • Class Period:
  • FROM 2/17/2017 TO 10/22/2020
  • Status:
  • Filed
  • Filing Date:
  • 10/25/2020
  • Court:
  • U.S. District Court: Central California

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Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased First American Financial Corporation (NYSE: FAF) securities between February 17, 2017 and October 22, 2020 (the “Class Period”). Investors have until December 24, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On May 24, 2019, KrebsOnSecurity.com (“KrebsOnSecurity”), a noted cybersecurity blog, 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, or over 6%, to close at $51.80 per share on May 25, 2019.

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.

The complaint, filed on October 25, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (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.
 

If you purchased First American securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at  investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in First American Financial Corporation. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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