Class Action Suit Claims FedEx Downplayed Effects of Cyberattack - Articles

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Posted by: Katharine Heriges on Jul 10, 2019
A new class action lawsuit claims that FedEx downplayed the effects of a cyberattack on subsidiary TNT Express, misleading investors and violating federal securities laws, the Commercial Appeal reports. The lawsuit claims FedEx pushed a positive narrative that “lacked a reasonable basis” about the ability of TNT to meet goals and retain business following a 2017 cyberattack. FedEx allegedly made misleading statements about the TNT integration that caused members of the class action to purchase FedEx stock "at artificially inflated prices."