Alphabet (GOOG) Google+ $350M Settlement
Alphabet (GOOG) recently agreed to pay $350M to settle claims from shareholders. The settlement resolves claims that Google+ had security issues, leading to the massive exposure of users' private data.
Outline
Back in 2018, Alphabet was accused of hiding a major security flaw in its Google+ social network. This exposed users' private data to third parties between 2015 and March 2018. Following this news, $GOOG fell significantly, and Alphabet faced a lawsuit from shareholders.
Timeline
Between 2015 and March 2018: A glitch in Google+'s software allowed outside developers to access personal profile data of users who hadn't chosen to share it publicly.
In October 2018: The Wall Street Journal revealed that Google found a flaw in Google+'s software in March 2018, which exposed users' personal data to third parties.
On October 10, 2018: After the news came out, $GOOG fell by almost 6%.
On October 11, 2018: Google faced a lawsuit from investors.
Background
In October 2018, The Wall Street Journal revealed that in March of the same year, Google found a flaw in its Google+ social network that exposed users' personal data to third parties.
Between 2015 and March 2018, this flaw allowed outside developers to access the personal profile data of users who hadn't chosen to share it publicly.
On October 10, 2018, following the disclosure of the security issues, $GOOG dropped by nearly 6%.
Subsequently, Alphabet faced a lawsuit from shareholders who claimed that the company failed to disclose the massive security breach and that its security measures were inadequate.
What can investors expect now?
Alphabet has agreed to pay $350M to settle claims from shareholders, resolving all allegations related to the Google+ security issues.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Frequently Asked Questions
All persons that purchased or otherwise acquired Alphabet Class A and/or Class C stock during the period from April 23, 2018, through April 30, 2019, inclusive.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:
Prepare documents for your payout
Audit the claim and make sure you get the maximum possible payout
File a claim with the settlement administration
Correspond with the settlement administration to resolve emerging issues
Deliver payout directly to your brokerage account
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.