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GOOG.US

Alphabet (GOOG) Google+ Data Security Issues Settlement

N.D. California
Court
3:18-cv-06245
Case number
23 Apr 2018
Class period Start
30 Apr 2019
Class period End
  • Alphabet (GOOG) agreed to settle $350M with shareholders to end claims over the Google+ security problems, which led to the massive exposure of users' private data.
In October 2018, The Wall Street Journal revealed that in March of the same year, Google found a flaw in its Google+ social network that exposed users' personal data to third parties.
  • Between 2015 and March 2018, a glitch in Google+'s software allowed outside developers to access the personal profile data of users who hadn't chosen to share it publicly.
  • In March 2018, Google discovered this glitch, conducted tests, and found that nearly half a million users' data had been exposed.
Google's leaders decided not to tell users about that to avoid getting in trouble with regulators, even after CEO was briefed on the decision.

After the news came out, $GOOG price fell by almost 6% on October 10, 2018.

Based on these events, Alphabet was accused of the following details:
  • Google failed to disclose a massive security breach on Google+ that exposed hundreds of thousands of users' private data.
  • Google's security measures were ineffective, leading to breaches caused by employee errors, malfeasance, system vulnerabilities, or errors.
Alphabet has now decided to end all the allegations related to the Google+ private data security issues and pay a $350M settlement.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
11 October 2018
Plaintiffs
Adam Wicks
Attorneys
Pomerantz LLP
Defendants
Ruth M. Porat, Lawrence E. Page, Sundar Pichai
Judge
Jeffrey S. White
Administrator
Gilardi & Co LLC
Settlement agreement date
2024-02-08
Trades matching type
FIFO
+$350,000,000
Total Settlement Amount
Created by Polina Foster, Scout

Alphabet Inc Class C

Alphabet Inc. offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google C...

    Ticker
    GOOG.US
    ISIN
    US02079K1079
    CIK
    1652044
    Sector
    Communication Services
    Industry
    Internet Content & Information
    Country
    USA
    Address
    1600 Amphitheatre Parkway, Mountain View, CA, United States, 94043