Equifax Board Forms Panel To Review Executives' Stock Sales After Data Breach (bloomberg.com)

An anonymous reader quotes a report from Bloomberg: Equifax's board of directors has formed a special committee to review the stock sales that top executives made days after the company found out it was hacked. Directors at Equifax have retained counsel and are conducting a "thorough review" of the trades, according to a Sept. 28 letter the company's outside lawyers submitted to the top Democrat on the House Energy and Commerce Committee. The examination adds to investigations already being conducted by federal law-enforcement agencies. "Equifax takes these matters seriously," the company said in its response to questions posed by Democrats on the panel, led by Frank Pallone, from New Jersey. "The board of directors has formed a special committee," according to the letter, addressed to Pallone and obtained by Bloomberg News.

The trades, which were first reported by Bloomberg, involve Equifax CFO John Gamble, President of U.S. Information Solutions Joseph Loughran and President of Workforce Solutions Rodolfo Ploder. They unloaded shares worth almost $1.8 million just days after the company says it discovered the breach on July 29. Equifax has repeatedly said the managers didn't know of the intrusion when they sold stock.

Comments

Re:I've always wondered this....

[tomhath]

Insiders are supposed to file their plans to buy or sell ahead of time with the SEC. It becomes public information that they're going to trade so outsiders have advanced knowledge of what's going to happen, if not why.

These guys are in trouble because they sold the stock without any advance notice.