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Alphabet Inc. (NASDAQ: GOOG, GOOGL) Investor Securities Class Action Lawsuit 10/11/2018

  • If you purchased shares of Alphabet Inc. (NASDAQ: GOOG, GOOGL), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Alphabet Inc.
Security
NASDAQ: GOOG
NASDAQ: GOOGL

Case Name
Alphabet Shareholder Class Action Lawsuit 10/11/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 13, 2020 - No amended complaint was filed. The case was dismissed.

February 5, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

May 31, 2019 - A motion to dismiss the consolidated complaint was filed.

April 26, 2019 - An consolidated complaint was filed.

October 11, 2018 - An investor, who purchased shares of Alphabet Inc. (NASDAQ: GOOG, GOOGL), filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Alphabet Inc. in connection with certain allegedly false and misleading statements made between April 24, 2018 and October 10, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Alphabet Inc. (NASDAQ: GOOG, GOOGL) common shares between April 24, 2018 and October 10, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 24, 2018 and October 10, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Google exposed the private data of hundreds of thousands of Google+ social network users, that Google actively concealed this data breach for several months, that this conduct violated Google’s purported data privacy and security policies, that discovery of the foregoing conduct could foreseeably subject Alphabet to heightened regulatory scrutiny, and that as a result, Alphabet’s public statements were materially false and misleading at all relevant times.

On October 8, 2018, The Wall Street Journal published an article entitled, “Google Exposed User Data, Feared Repercussions of Disclosing to Public,” stating that “Google exposed the private data of hundreds of thousands of users of the Google+ social network and then opted not to disclose the issue this past spring, in part because of fears that doing so would draw regulatory scrutiny and cause reputational damage[.]” The article further states that Google subsequently “announced a sweeping set of data privacy measures that include permanently shutting down all consumer functionality of Google+.”

Shares of Alphabet Inc. (NASDAQ: GOOG, GOOGL) declined from $1,209.96 per share on October 2, 2018 to $1,068.27 per share on October 11, 2018.