San Diego, CA -- (SBWIRE) -- 11/03/2020 -- An investor, who purchased NYSE: FAF shares, filed a lawsuit over alleged violations of Federal Securities Laws by First American Financial Corporation.

Investors who purchased shares of First American Financial Corporation (NYSE: FAF) have certain options and for certain investors are short and strict deadlines running. Deadline: December 24, 2020. NYSE: FAF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On May 24, 2019, a report was published alleging that First American Financial Corporation may have allowed unauthorized access to more than 885 million records related to mortgage deals going back to 2003. According to report, First American Financial Corporation said that it learned of a "design defect in one of its production applications that made possible unauthorized access to customer data" and has shut down external access.

On October 22, 2020, First American Financial Corporation announced that it had received a Wells Notice from the U.S. Securities and Exchange Commission "informing the Company that the enforcement staff has made a preliminary determination to recommend a filing of an enforcement action[.]" The Wells Notice was related to the earlier security breach. Shares of First American Financial Corporation (NYSE: FAF) declined to $45.82 per share on October 22, 2020.

The plaintiff claims that between February 17, 2017 and October 22, 2020, the defendants made false and/or misleading statements and/or failed to disclose that the Company failed to implement basic security standards to protect its customers' sensitive personal information and data, that the Company faced a heightened risk of cybersecurity failure due to its automation and efficiency initiatives, and that as a result, defendants' public statements were materially false and misleading at all relevant times. According to the suit, these true details were disclosed by a market research firm.

Those who purchased shares of First American Financial Corporation (NYSE: FAF) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.