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.
September 17, 2021
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Great Western Bancorp, Inc. (“Great Western” or the “Company”) (NYSE:GWB) in connection with the proposed acquisition of the Company by First Interstate BancSystem, Inc. (“First Interstate”) (NASDAQ: FIBK). Under the terms of the merger agreement, Great Western shareholders will receive .8425 shares of First Interstate stock for each Great Western share they own, representing implied per-share merger consideration of approximately $33.00 based upon First Interstate’s September 16, 2021 closing price of $39.17.
September 15, 2021
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of GreenSky, Inc. (“GreenSky” or the “Company”) (NASDAQ: GSKY) in connection with the proposed acquisition of the Company by The Goldman Sachs Group, Inc. (“Goldman Sachs”) (NYSE: GS). Under the terms of the merger agreement, GreenSky shareholders will receive 0.03 shares of Goldman Sachs stock for each GreenSky share they own, representing implied per-share merger consideration of approximately $12.11 based upon Goldman Sachs’s September 14, 2021 closing price of $403.69.
September 10, 2021
WeissLaw LLP, a nationally acclaimed investor rights law firm, reminds investors that on August 10, 2021, the firm commenced a class action lawsuit against Coinbase Global Inc. ("Coinbase" or the "Company") (NASDAQ: COIN) and certain of its senior officers, directors and affiliated entities on behalf of investors who purchased or acquired Coinbase common stock pursuant and /or traceable to the Company's April 14, 2021 initial public offering (the “IPO”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1933. The deadline to serve as lead plaintiff is September 20, 2021.