id: 1096, Created by Polina Foster, Scout
Alphabet (GOOG) Google+ Data Security Issues Settlement
How it works?
- Company agreed to settle with investors to avoid further litigation
- We prepare documents and claim payout for you
23 Apr 2018Class period Start
30 Apr 2019Class 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.
11 October 2018
Ruth M. Porat, Lawrence E. Page, Sundar Pichai
Jeffrey S. White
Gilardi & Co LLC
Settlement agreement date
Trades matching type
+$350,000,000Total Settlement Amount