On Friday, Nov. 3, the Special Committee cleared three Equifax (EFX) executives of insider trading after they sold $1.8 million worth of stock just days following a major cybersecurity breach. Investors questioned the timing of the breach, the sale and the seemingly delayed public notification. The exec transactions were not part the company's 10b5-1 scheduled trading plans, according a Bloomberg.
- The intrusion was discovered: July 29.
- Three executives sold shares: Aug. 1 and Aug 2.
- The public was notified of the breach: Sept. 7.
- The execs were cleared of wrongdoing: Nov. 3.
Wall Street has sent Equifax stock on a roller coaster since the ordeal, as investors contend that Equifax should have stopped any trades by company personnel as soon as the breach was discovered.
John Gamble, the chief financial officer, sold $946,374 worth and Joseph Loughran, president of U.S. information solutions, exercised options worth $584,099. Rodolfo Ploder, president of workforce solutions, sold $250,458 of stock on Aug. 2, according to reports.
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The data breach was found to affected 143 million customers. Equifax now sells "identity theft protection and credit file monitoring through TrustedID Premier. No other subscription products are available for purchase at this time," the site says.
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