Sep 14, 2020 | Whistleblower
Latest SEC Award Increases Total SEC Whistleblower Awards To Approximately $520 Million
Kehoe Law Firm, P.C. is making individuals aware that on September 14, 2020, the Securities and Exchange Commission announced an award of more than $10 million to a whistleblower whose information and assistance were of crucial importance to a successful SEC enforcement action.
“This award recognizes the persistent efforts of the whistleblower to expose serious financial misconduct,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This whistleblower also provided extensive and ongoing assistance to the investigative team over the course of the investigation, including identifying witnesses and helping staff understand complex fact patterns and issues related to the matters under investigation.”
The SEC has awarded approximately $520 million to 94 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million.
Source: U.S. Securities and Exchange Commission – SEC.gov
Sep 14, 2020 | Consumer Protection, Employment & Technology Archive
Artech, LLC Discloses Security Incident Possibly Affecting Security of Personal Information – Unauthorized Actor Had Access to Certain Artech Systems
Artech, LLC (“Artech”) filed a “Notice of Data Event“ with the State of California Department of Justice, Office of the Attorney General, which, among other things, stated that
[o]n January 8, 2020, Artech received a report of unusual activity relating to an employee’s Artech user account. Artech immediately began investigating this report and through that investigation identified ransomware on certain Artech systems. That same day Artech engaged a leading third-party forensic investigation firm to assess the security of its systems and to confirm the nature and scope of the incident. On January 15, 2020, the investigation determined that an unauthorized actor had access to certain Artech systems between January 5, 2020, and January 8, 2020. Artech undertook a comprehensive review of these systems and determined that some personal information was present in them at the time of the incident. Artech reviewed this information and its internal records to identify the individuals associated with this information and their contact information for purposes of providing notice. On or around June 25, 2020, we completed this review and determined that personal information relating to certain individuals was contained in one or more of the involved files. [Emphasis added.]
Artech also disclosed that “[t]he investigation determined that at the time of the incident the involved files may have contained information including name, Social Security number, medical information, health insurance information, financial information, payment card information, driver’s license/state identification number, government issued identification number, passport number, visa number, electronic/digital signature, username and password information.” [Emphasis added.]
According to hotforsecurity.bitdefender.com (“US Staffing Firm Artech Keeps Silent About Data Breach, Leaves Customers at Risk of Fraud for Eight Months”):
BleepingComputer reportedly became aware of the breach on January 11, when the REvil gang advertised 337MB of the stolen data on a website used to shame victims and coerce them into paying a ransom. Artech allegedly ignored the publication’s emails and only recently acknowledged the hack, leaving affected customers vulnerable to fraud and phishing attacks.
. . .
As noted by Databreaches.net, Artech first sent out breach notifications at the beginning of September, despite completing its investigation at the end of June. From early January to early September, Artech knowingly left customers at risk of fraud and ID theft. [Emphasis added.]
Have You Been Impacted by A Data Breach?
If so, please either contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], complete the form on the right or e-mail [email protected] for a free, no-obligation case evaluation of your facts to determine whether your privacy rights have been violated and whether there is a basis for a data privacy class action.
Examples of the type of relief sought by data privacy class actions, include, but are not limited to, reimbursement of identity theft losses and of out-of-pocket costs paid by data breach victims for protective measures such as credit monitoring services, credit reports, and credit freezes; compensation for time spent responding to the breach; imposition of credit monitoring services and identity theft insurance, paid for by the defendant company; and improvements to the defendant company’s data security systems.
Data privacy class actions are brought on a contingent-fee basis; thus, plaintiffs and the class members do not pay out-of-pocket attorney’s fees or litigation costs. Subject to court approval, attorney’s fees and litigation costs are derived from the recovery obtained for the class.
Sep 10, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of LexinFintech Holdings Ltd. (“LexinFintech” or the “Company) (NASDAQ: LX) to determine whether LexinFintech engaged in securities fraud or other unlawful business practices.
LexinFintech investors who purchased, or otherwise acquired, the Company’s common stock between April 30, 2019 and August 24, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
According to a class action complaint filed on behalf of investors, throughout the Class Period, the LexinFintech defendants made false and/or misleading statements and/or failed to disclose that: (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company’s business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) LexinFintech exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) LexinFintech engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, the LexinFintech defendants’ public statements were materially false and/or misleading at all relevant times.
Sep 1, 2020 | Whistleblower
SEC Has Awarded Approximately $510 Million To 92 Individuals Since Issuing First Whistleblower Award
Kehoe Law Firm, P.C. is making individuals aware that on August 31, 2020, the Securities and Exchange Commission announced an award of over $1.25 million to a whistleblower whose significant information prompted the agency to initiate a cause examination and bring an enforcement action that resulted in the return of millions of dollars to harmed investors.
“The whistleblower’s expeditious reporting alerted the agency to previously unknown securities violations,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This whistleblower’s vigilance and prompt reporting helped the agency move quickly to protect investors, resulting in the return of millions of dollars to harmed investors.”
On September 1, 2020, the Securities and Exchange Commission announced an award of over $2.5 million to joint whistleblowers whose tip based largely on highly probative independent analysis of a public company’s filings led to several successful enforcement actions. In addition to their tip, the whistleblowers provided helpful assistance early in the investigation, which helped save the SEC time and resources.
The SEC has awarded approximately $510 million to 92 individuals since issuing its first award in 2012. This includes awards to 25 individuals in this fiscal year, totaling approximately $123 million. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
Source: U.S. Securities and Exchange Commission – SEC.gov
Aug 28, 2020 | Securities Class Action Archive
Kehoe Law Firm, P.C. is investigating securities claims on behalf of investors of Pilgrim’s Pride Corporation (“Pilgrim’s Pride” or the “Company”) (NASDAQ: PPC) to determine whether Pilgrim’s Pride may have issued materially misleading business information to investors.
Pilgrim’s Pride investors who purchased, or otherwise acquired, the Company’s securities between February 9, 2017 and June 3, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
A class action lawsuit has been filed against Pilgrim’s Pride. According to the lawsuit, during the Class Period, the Pilgrim’s Pride defendants, allegedly, made false and/or misleading statements and/or failed to disclose that: (1) Pilgrim’s Pride and its executives had participated in an illegal antitrust conspiracy to fix prices and rig bids from at least as early as 2012 and continuing through at least early 2017; (2) Pilgrim’s Pride received competitive advantages, which persisted during the Class Period, from its anticompetitive conduct; and (3) as a result, the Pilgrim’s Pride Defendants’ statements about the Company’s business, operations, and prospects lacked a reasonable basis.
IF YOU WISH TO SERVE AS LEAD PLAINTIFF, YOU MUST MOVE THE COURT NO LATER THAN SEPTEMBER 4, 2020. To be a member of the class action, you do not need to take any action at this time; you may retain counsel of your choice; or you can take no action and remain an absent member of the class action. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel, unless you retain an attorney. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
