SEC investigating Yahoo over data breaches

SEC investigating Yahoo over data breaches
Author

24 January, 2017

At the worst (from a Yahoo shareholder point of view), Verizon could receive some sort of discount from the current price and/or Yahoo could agree to partially/fully compensate Verizon for any potential future liabilities that could crop up due to the hack.

Yahoo is set to rename itself Altaba as soon as its $4.83 billion acquisition deal with Verizon Communications is complete.

During the quarter, Yahoo had adjusted earnings of 25 cents per share and revenue of $1.47 billion.

The U.S. Securities and Exchange Commission is investigating whether two data breaches at Yahoo should have been reported sooner to investors.

30+ feared dead after Italian Hotel Struck by Quake & Avalanche
Officials estimated 30 people were inside the mountainside hotel when an avalanche swallowed the resort Wednesday afternoon. Up to 30 people were reported missing after the avalanche buried the hotel in the Abruzzo region in central Italy.

New US Air Force Missile Defense Satellite Set for Launch on Thursday
The ULA was established in 2006 and is a joint venture of Lockheed Martin Space Systems and Boeing Defense, Space & Security. Meteorologist James Wieland says visibility should be good for the launch from Palm Beach County and the Treasure Coast.

Trump Fires Back At CIA Chief On Twitter
Friction between U.S. intelligence agencies and presidents is not new but has never been played out so publicly. He suggested Brennan might be " the leaker of Fake News ".

The new investigation was spotted by the Wall Street Journal, which noted that the Securities and Exchange Commission (SEC) had opened proceedings against Yahoo back in December, when it asked the company to provide documents relating to the breach. Surprisingly, Yahoo's fourth-quarter earnings were better than expected, with shares rising slightly in late trading after the company reported sales and profit that beat analysts' estimates.

The tech company announced last year that 500 million users were compromised by that breach but Yahoo waited two years to disclose it. Yahoo's board of directors has set up a committee to investigate the 2014 data breach in efforts to determine the "scope of knowledge within the company", the firm said in an SEC filing.

Investors hoping for any additional insight into the investigation or the sale will not be able to pose questions to Yahoo management on Monday, as the company is not hosting an investor call after releasing its earnings, citing its pending sale to Verizon. Verizon would be openly inviting the contempt of shareholders by paying the agreed price for Marissa's purple nightmare and that's even before we know how bad things got there in Q4 2016.

If the sale does go through, it's expected to close sometime in the first quarter, so this could be Yahoo's last earnings report as an independent company. What's more, Mayer remarked that the company's cost structure was the lowest in a decade, meaning Yahoo - despite the competitive pressures - is operating more efficiently. In September, Mark Warner, the Democratic senator, required the SEC to analyze the situation, revealing whether Yahoo and its executives managed to accomplish their duties to publish data about the hack from 2014.


More news


  • Johanna Konta "Looking Forward To The Challenge" of Caroline Wozniacki

    Konta said of Osaka, "She is one of the up and coming players and she's had some really impressive results over the last 12 months or so".
    High-tech Japanese toilets to be more foreigner friendly

    High-tech Japanese toilets to be more foreigner friendly

    But there has been no standardised set of symbols for their many buttons and different manufacturers often use their own images. The association will also aim to have the new symbols adopted as global standards.

    Multiple quakes hit central Italy, tremors felt in Rome

    People have been evacuated from the metro system in Rome as a precaution, and a number of schools have also been evacuated. CBS Radio News correspondent Anna Matranga reports that some schools in Rome were evacuated, according to Italian media.
  • Chapecoense football club plays first match since devastating air crash

    Chapecoense football club plays first match since devastating air crash

    In November, the team's plane ran out of fuel, killing 71 people on board, many of them players, officials and reporters. The widows of the players who were killed also received medals on behalf of their husbands in a moving ceremony.
    The White House's New Approach to Climate Change: Who Gives a Shit?

    The White House's New Approach to Climate Change: Who Gives a Shit?

    The Foundation will be based in the south side of Chicago and facilitate projects "all over the city, the country and the world". In other words-for not the first time in recent memory-a Trump had seemingly stolen intellectual property from an Obama.
    Fire Emblem games coming to Nintendo Switch, 3DS, and mobile

    Fire Emblem games coming to Nintendo Switch, 3DS, and mobile

    As mentioned, no word yet on the exact launch date but Nintendo has opened pre-registrations for Fire Emblem Heroes . Hot off its Switch unveiling late last week, Nintendo is dropping some key details about its next mobile title.
  • At least 20 firefighters die in Tehran building collapse

    Two hundred had been battling the blaze for several hours before the collapse . Its owner, Habib Elghanian, named it after his plastics manufacturing company.

    India Expects China's Respect to Sovereignty Amid Project With Pakistan

    He also added, what we are trying to do is to convince that the India's rise wont effect to its ascent. Also, Beijing blocked India's move at the United Nations to designate Masood Azhar a global terrorist.
    OPEC Revises 2017 World Economic Growth Upwards by 0.1% to 3.2%

    OPEC Revises 2017 World Economic Growth Upwards by 0.1% to 3.2%

    But in the past few weeks, Iraq has insisted it has "deliberate plans" in place to cut output as per the OPEC deal. Energy Department wasn't a "bullish reading", Bjarne Schieldrop, chief commodities analyst at SEB Markets, said.
  • MA  unemployment rate drops to 2.8%, lowest since 2000

    MA unemployment rate drops to 2.8%, lowest since 2000

    Minnesota's labor market finished 2016 strong, with employers adding 11,900 jobs in December, and 12,700 jobs in November. Johns, Clay County had the lowest rate at 4.2 percent, followed by Duval (4.7), Flagler (5.4) and Putnam (5.6).
    Trump Comments Send Dollar Reeling

    Trump Comments Send Dollar Reeling

    Meanwhile, North American stock markets were lower as the S&P/TSX composite index slipped 14.44 points to 15,464.85 in Toronto. February natural gas was down a penny at US$3.41 per mmBTU and March copper contracts shed seven cents at US$2.63 per pound.
    Shares in German vehicle  makers fall after comments by Trump

    Shares in German vehicle makers fall after comments by Trump

    Trump also criticised what he called the "one-way street" of German cars in the U.S. vs American cars in Germany. The BMW plant in Spartanburg, South Carolina, for example, is the sole source for the globally popular X5 model.