Alphabet (GOOG) Google+ $350M Settlement

Late claims are being considered for compensation, subject to approval.

N.D. California

Court

3:18-cv-06245

Case number

04/23/2018

Class period Start

04/30/2019

Class period End

07/25/2024

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.
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.

Case Status

Accepting Late Claims

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

2.85

Filing date

10/11/2018

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

Court hearing date

09/24/2024

Exclusion deadline

08/23/2024

Objection deadline

08/23/2024

Hearing deadline

08/26/2024

Trades matching type

FIFO

+$350,000,000

Cash Settlement Amount