WeissLaw LLP, Lead Derivative Counsel in the massive Equifax data breach litigation, is investigating T-Mobile, US, Inc. (NASDAQ: TMUS) (“T-Mobile” or the “Company”), its Board of Directors, and certain Company officers for, among other things, possible breaches of fiduciary duty and violations of the federal securities laws. On August 16, 2021, T-Mobile issued a press release disclosing a massive data breach perpetrated against its systems by hackers – the fifth such data breach against T-Mobile in the last four years. Two days later, the Company acknowledged that hackers made off with personal data from nearly 48 million people, including 7.8million current postpaid customers and about 40 million former and prospective customers who applied for plans. T-Mobile revealed that the stolen data “include customers’ first and last names, date of birth, SSN, and driver’s license/ID information for a subset of current and former post pay customers and prospective T-Mobile customers.” The Company further admitted that “approximately 850,000 active T-Mobile prepaid customer names, phone numbers and account PINs were also exposed.”
Following disclosure of the security breach, shares in T-Mobile dropped $4.21, or about 2.9%, closing on August 16, 2021, at $140.74 per share.
On August 18, 2021, Reuters reported that the U.S. Federal Communications Commission (the “FCC”) will investigate the T-Mobile data breach. “Telecommunications companies have a duty to protect their customers’ information. The FCC is aware of reports of a data breach affecting T-Mobile customers and we are investigating,” an FCC spokesperson told Reuters.
WeissLaw is investigating whether T-Mobile’s Board of Directors: failed to properly safeguard, secure and protect the Company from attacks by hackers; failed to heed warnings of lax cybersecurity practices based on the recent prior attacks in 2018, 2019, and 2020; failed to establish and maintain a comprehensive system of internal controls over its cybersecurity practices; and breached its fiduciary duties owed to T-Mobile and its shareholders.
May 16, 2022
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