ISR News: Heartland Class Action Lawsuit
Excerpts From ComputerWeekly.com
Heartland Payment Systems faces a class action lawsuit from investors who claim they lost money following a breach of its debit and credit card processing systems in 2008.
The company revealed on 20 January that its systems had been compromised by hackers, exposing card account numbers, expiry dates and data from the card’s magnetic stripe.
Heartland said in a small number of cases cardholder names were also potentially at risk, but no personal identification numbers had been exposed.
An investor has filed a proposed class action in the US district court of New Jersey on behalf of all other investors in Heartland between August 2008 and February 2009.
The complaint alleges that Heartland issued false or misleading statements and failed to disclose material adverse facts about its business, operations and prospects during that period.
Heartland’s shares during that period also declined from $21.84 per share, or approximately 80%, from its high of $27.19 per share in September 2008.
More Heartland Articles:
► Visa Sanctions: Heartland Issues Statement
► Visa Puts Heartland on Probation Over Breach
► There is No Delight in Being Right
► Heartland Now Under SEC Investigation
► Another Payment Card Processor Hacked
► Heartland Update: Reps Respond to Questions
► Did Heartland CEO Make Insider Trades?
► Heartland Breach Bad As Tylenol Poisonings?
Filed under: Breach, Class Action Lawsuit, D&O Liability, Financial, ISR News, PCI, Sarbanes-Oxley, Uncategorized, hackers, identity-theft, malware, privacy
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