Ex-Yahoo paying $35M to settle SEC charges over 2014 hack
WASHINGTON (AP) – The company formerly known as Yahoo is paying a $35 million fine to resolve federal regulators’ charges that the online pioneer deceived investors by failing to disclose one of the biggest data breaches in internet history.
The Securities and Exchange Commission announced the action Tuesday against the company, which is now called Altaba after its most valuable parts were sold to Verizon Communications for $4.48 billion last year. The Sunnyvale, California-based company neither admitted nor denied the allegations but did agree to refrain from further violations of securities laws.
Personal data was stolen from hundreds of millions of Yahoo users in the December 2014 breach attributed to Russian hackers. The SEC alleged that, although Yahoo senior managers and attorneys were told about the breach, the company failed to fully investigate.