Equifax Continues To Plunge Amid Mounting Scrutiny Pressure
Zacks Investment Research | Sep 13, 2017 10:14PM ET
Shares of Equifax Inc. (NYSE:EFX) continue to hit new lows amid mounting scrutiny pressure from lawmakers, investigating agencies and regulators over the credit reporting company’s response to the data breach. The stock tumbled again yesterday due to a series of events which occurred during the entire day.
Recent Additions in Trouble
Intensifying troubles for Equifax, a group of 37 U.S. Senators, yesterday, vowed for investigation by the Federal Trade Commission (FTC) Securities and Exchange Commission (SEC) and Department of Justice. They argued that there is possibly a higher chance of a potential insider trading, as three Equifax’s executives had sold shares in three days after the company discovered the data breach.
Meanwhile, the state of Massachusetts announced yesterday that it is planning to file a lawsuit against the company on behalf of its residents. If the state goes ahead with its plan, then it will be no surprise if other states follow suit.
Furthermore, a U.S. house panel is probing the data breach and announced that it would testify Equifax’s chief executive — Richard Smith — on Oct 3.
Shares of Equifax plunged nearly 15% yesterday after the aforementioned news surfaced. It should be noted that the stock has lost over 30% of its value from last Thursday’s closing price. In the year-to-date period, Equifax has lost 16.3%, significantly underperforming the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.