Company execs traded Equifax securities after the company discovered a massive data breach, but before it was disclosed to the public
An investigation by a special committee of the Equifax board has concluded that certain executives acted appropriately when they traded company securities after the data breach that compromised the personal information of 145.5 million consumers.
Four Equifax executives carried out trades of company securities after suspicious activity in the company’s network was detected by Equifax personnel but before the incident was disclosed to the public.
The report found that "none of the four executives had knowledge of the incident when their trades were made, that preclearance for the four trades was appropriately obtained, that each of the four trades at issue comported with company policy, and that none of the four executives engaged in insider trading."
The special committee conducted interviews and reviewed more than 55,000 documents as part of its review process.
"I'm grateful for the timely and thorough review by the special committee of this important matter,” Equifax Non-Executive Chairman Mark Feidler said. “The board takes very seriously any allegation of insider trading. It is critically important for the public, our shareholders, our customers, and our employees to know that we will not tolerate any violation of company policy or the law regarding the trading of securities. The conclusion that the company executives in question traded appropriately is an extremely important finding and very reassuring.”
Equifax said its board formed the committee in September to independently review various aspects of the cybersecurity incident. The special committee is comprised of independent directors and is advised by independent counsel.
Related stories:
Equifax breach a ‘huge, significant event’
Credit union group sues Equifax over data breach
Four Equifax executives carried out trades of company securities after suspicious activity in the company’s network was detected by Equifax personnel but before the incident was disclosed to the public.
The report found that "none of the four executives had knowledge of the incident when their trades were made, that preclearance for the four trades was appropriately obtained, that each of the four trades at issue comported with company policy, and that none of the four executives engaged in insider trading."
The special committee conducted interviews and reviewed more than 55,000 documents as part of its review process.
"I'm grateful for the timely and thorough review by the special committee of this important matter,” Equifax Non-Executive Chairman Mark Feidler said. “The board takes very seriously any allegation of insider trading. It is critically important for the public, our shareholders, our customers, and our employees to know that we will not tolerate any violation of company policy or the law regarding the trading of securities. The conclusion that the company executives in question traded appropriately is an extremely important finding and very reassuring.”
Equifax said its board formed the committee in September to independently review various aspects of the cybersecurity incident. The special committee is comprised of independent directors and is advised by independent counsel.
Related stories:
Equifax breach a ‘huge, significant event’
Credit union group sues Equifax over data breach
