The announcement comes as the Sunnyvale company is facing an investigation from the U.S. Securities and Exchange Commission on whether it should have disclosed two huge data breaches to investors sooner, according to the Wall Street Journal. “With our 2016 and Q4 financial results ahead of plan, and the continued stability in our user engagement trends, the opportunities ahead with Verizon look bright,” CEO Marissa Mayer said in a statement. In a November SEC filing, Yahoo said that it “is cooperating with federal, state and foreign governmental officials and agencies seeking information and/or documents about the security incident.” Ed McAndrew, a data security lawyer at the law firm of Ballard Spahr and a former federal prosecutor who dealt with cyber crimes, said that in order to pursue enforcement action against Yahoo, the SEC would have to prove that Yahoo’s failure to disclose the data breaches in a timely fashion might have changed investors’ decision to buy or sell Yahoo stock. Verizon said it was not informed of Yahoo’s data breaches when it agreed to the $4.8 billion deal. Since the breaches became known, it has been evaluating how it will move forward. Martín Utreras, a vice president of forecasting with research firm eMarketer, said it still makes sense for Verizon to buy Yahoo.
Comment on Yahoo-Verizon deal gets pushed back; SEC investigates Yahoo
By Wendy Lee, San Francisco Chronicle: Business
Mon, 01/23/2017 - 4:54pm
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