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GOOG.US
id: 1096

Alphabet (GOOG) Google+ $350M Settlement

N.D. California
Court
3:18-cv-06245
Case number
23 Apr 2018
Class period Start
30 Apr 2019
Class period End
25 Jul 2024
Claim deadline
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.
  • On 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.
Case Status
Accepting Claims
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
2.85
Filing date
11 October 2018
Plaintiffs
Adam Wicks
Attorneys
Pomerantz LLP
Defendants
Ruth M. Porat, Lawrence E. Page, Sundar Pichai
Judge
Jeffrey S. White
Administrator
Gilardi & Co LLC
Settlement agreement date
2024-02-08
Trades matching type
FIFO
+$350,000,000
Cash Settlement Amount

Frequently Asked Questions

Alphabet Inc Class C

Alphabet Inc. offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google C...

    Ticker
    GOOG.US
    ISIN
    US02079K1079
    CIK
    1652044
    Sector
    Communication Services
    Industry
    Internet Content & Information
    Country
    USA
    Address
    1600 Amphitheatre Parkway, Mountain View, CA, United States, 94043