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ISR News: Heartland Class Action Lawsuit
Posted: 18 Mar 2009 10:05 AM PDT
Excerpts From ComputerWeekly.com An investor has filed a proposed class action in the US district court of New Jersey on behalf of all other investors in Heartland between August 2008 and February 2009. The complaint alleges that Heartland issued false or misleading statements and failed to disclose material adverse facts about its business, operations and prospects during that period. Heartland's shares during that period also declined from $21.84 per share, or approximately 80%, from its high of $27.19 per share in September 2008.
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Sure, the security breach of Heartland is shameful. After reading many news and blogger articles, I still have no clue of what kind of spyware could have caused 100 million credit card information to be exposed. I have just taken a security training class. It would have taken a huge amount negligence on the IT management to have allowed a disaster of this magnitude. But business is governed by rule of laws. If having violated any, Heartland will receive its due penalties. Last Friday, for example, PCI council put Hearland's PCI DSS certification on probation. For those lawyers who proposed this class action, I can imagine a motion picture as follows: in the wild safari of Africa, when an elephant is wounded and fell on the ground, a group vultures begin hanging low.
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