ROSEN, TRUSTED INVESTOR COUNSEL, Announces Investigation of Securities Claims Against First American Financial Corporation - FAF

Rhea-AI Summary

Rosen Law Firm is investigating potential securities claims on behalf of shareholders of First American Financial Corporation (FAF) due to allegations of misleading business information. The investigation follows a Wells Notice from the SEC regarding a prior security breach that exposed over 885 million records. In the wake of these events, FAF's share price fell by $4.83 (9%) to $46.75 after the October 22 announcement. Rosen Law Firm is preparing a class action lawsuit to recover losses for FAF investors.

Positive

• None.

Negative

• Allegations of materially misleading business information.
• SEC's Wells Notice indicates potential enforcement action.
• Share price dropped $4.83 (9%) to $46.75 following the SEC news.

NEW YORK, Oct. 23, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of First American Financial Corporation (NYSE: FAF) resulting from allegations that First American may have issued materially misleading business information to the investing public.

On May 24, 2019, Brian Krebs of krebsonsecurity.com published a report alleging that First American may have allowed unauthorized access to more than 885 million records related to mortgage deals going back to 2003. According to report, First American said that it learned of a "design defect in one of its production applications that made possible unauthorized access to customer data" and has shut down external access. On this news, First American's shares fell $3.46 per share, or 6%, to close at $51.80 per share.

Then, on October 22, 2020, First American announced that it had received a Wells Notice from the U.S. Securities and Exchange Commission "informing the Company that the enforcement staff has made a preliminary determination to recommend a filing of an enforcement action[.]" The Wells Notice was related to the earlier security breach.

On this news the price of First American shares fell $4.83 per share, or 9%, to close at $46.75 per share on October 22, 2020.

Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by First American's investors. If you purchased shares of First American, please visit the firm's website at http://www.rosenlegal.com/cases-register-1662.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm's attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40^th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      lrosen@rosenlegal.com
      pkim@rosenlegal.com
      cases@rosenlegal.com 
      www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

FAQ

What is the investigation against First American Financial Corporation (FAF) about?

Rosen Law Firm is investigating potential securities claims for misleading information related to a security breach.

What triggered the recent investigation into FAF?

The investigation was triggered by a Wells Notice from the SEC regarding a past security breach.

How much did FAF's stock fall after the SEC announcement?

FAF's stock fell by $4.83, or 9%, closing at $46.75.

What is a Wells Notice?

A Wells Notice is a document issued by the SEC indicating an intention to recommend enforcement action.

How can I participate in the class action lawsuit against FAF?

Investors can join the class action lawsuit by visiting Rosen Law Firm's website.