Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Alphabet Inc.
  6. News
  7. Summary
    GOOGL   US02079K3059

ALPHABET INC.

(GOOGL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Alphabet : Google must face shareholder lawsuit claiming it hid security risks

06/16/2021 | 03:09pm EDT
FILE PHOTO: The brand logo of Alphabet Inc's Google is seen in Beijing

(Reuters) - A U.S. appeals court on Wednesday revived a lawsuit in which shareholders of Google parent Alphabet Inc accused the company of fraudulently concealing security vulnerabilities, including in its Google+ social network.

The 9th U.S. Circuit Court of Appeals in San Francisco said the lawsuit raised a "strong inference" that Alphabet's then-Chief Executive Larry Page and his successor, Sundar Pichai, knew about the bugs and an internal memo on security issues but intentionally concealed the information from investors.

Alphabet and its lawyers did not immediately respond to requests for comment on the 3-0 decision.

The lawsuit, led by the state of Rhode Island, followed an October 2018 Wall Street Journal article that said Google concealed the exposure of private data for nearly 500,000 Google+ users because it feared regulatory scrutiny and reputational harm.

Alphabet's share price fell more than 6% over the following three days, reducing the Mountain View, California-based company's market value by more than $50 billion.

Google ultimately admitted it had discovered the data exposure in March 2018, though there was no evidence of misuse, and decided to shut down the consumer version of Google+.

Its failure to disclose the vulnerabilities sooner drew bipartisan condemnation from Congress.

In Wednesday's decision, Circuit Judge Sandra Ikuta accepted the shareholders' argument that Alphabet stayed silent to "buy time," and avoid the spotlight that Facebook Inc was then under because Britain's Cambridge Analytica had harvested data from tens of millions of its users.

"As it turned out, Alphabet successfully bought itself about six months of time," Ikuta wrote. "The competing inference that Alphabet knew of this information but was merely negligent in not disclosing it is not plausible."

The case was returned to U.S. District Judge Jeffrey White in San Francisco, who had dismissed it in February 2020.

"We are grateful to have the opportunity to sit down with Mr. Pichai, Mr. Page and others to get the bottom of what they did," the plaintiffs' lawyer Jason Forge said in an interview.

The case is In re Alphabet Inc Securities Litigation, 9th U.S. Circuit Court of Appeals, No. 20-15638.

(Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky)

By Jonathan Stempel


ę Reuters 2021
All news about ALPHABET INC.
07/29TESLA : Elon Musk's Neuralink raises over $200 mln from Google Ventures, others
RE
07/29MARKET CHATTER : LG CNS Wins Google Cloud's Machine Learning Specialization Dist..
MT
07/29AMAZON COM : sales growth slows in tame start to Jassy's tenure as CEO
RE
07/29Uber delays office return, makes vaccination mandatory for U.S. employees
RE
07/29Amazon sales growth slows in tame start to Jassy's tenure as CEO
RE
07/29European Stocks Close Higher After Business Confidence Rises to New Record
MT
07/29From Facebook to Twitter, Big Tech sees social commerce driving sales growth
RE
07/29SHOPIFY : Credit Suisse Keeps Neutral Rating, Ups TP to US$1700 For Shopify
MT
07/29EQS-ADHOC : Claro Colombia's New Claro Box TV Delivers The Ultimate Television E..
DJ
07/29London Indexes Boosted by Positive Welcome to Most Earnings
DJ
More news
Financials (USD)
Sales 2021 250 B - -
Net income 2021 68 760 M - -
Net cash 2021 143 B - -
P/E ratio 2021 27,0x
Yield 2021 -
Capitalization 1 815 B 1 815 B -
EV / Sales 2021 6,68x
EV / Sales 2022 5,73x
Nbr of Employees 144 056
Free-Float 92,7%
Chart ALPHABET INC.
Duration : Period :
Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 48
Last Close Price 2 715,55 $
Average target price 3 127,27 $
Spread / Average Target 15,2%
EPS Revisions
Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
Louis John Doerr Independent Director
Ann Mather Independent Director
Sector and Competitors
1st jan.Capi. (M$)
ALPHABET INC.55.30%1 815 492
BAIDU, INC.-22.74%59 073
NAVER CORPORATION50.26%57 089
Z HOLDINGS CORPORATION-10.46%38 778
YANDEX N.V.-0.92%24 633
SOGOU INC.8.22%3 421