Yahoo! is one of those cautionary tales in the tech world, a kind of digital Ozymandias that any upstart start-up ought heed. Palo Alto should have a shattered statue of Jerry Wang somewhere with the inscription, "Look on my works, ye ambitious, and despair!" (Poor guy's only worth $2.3 bill'.) The latest woe to betide the former colossus has arrived as a securities class action settlement for $80 Million. Claim forms are due September 1, 2018. If you think you may have a claim in this litigation, please call us today.
Once the Google of search engines, Yahoo! is now the AOL of email platforms. Well, that's mean. Only AOL is the AOL of email platforms, but even still-- ask anyone with a '@yahoo' email address how often they are asked, "You still use Yahoo?" and the answer will be "Constantly." This was true even before September 22, 2016, when the company announced a massive data breach in which hackers stole at least 500 million passwords. According to the BBC, the stolen data included "names, email addresses, telephone numbers, dates of birth and encrypted passwords." Eek.
Plaintiffs allege, in the typical lingo people use when they allege things, "that, during the Settlement Class Period, the Defendants unlawfully inflated Yahoo’s stock price by making materially false or misleading statements and/or failing to disclose material facts concerning Yahoo’s user data security and data breaches." They further allege that these nefarious deeds inflated the stock price.
Defendants, of course, deny to high heaven and to anyone who will listen "all of these allegations, deny that they made any false or misleading statements, and deny that they engaged in any wrongdoing."
But really, there's hardly any speaker left to utter that prefab legalese. Yahoo! now exists in brand-name only. The search engine, email platform, and the rest were sold to Verizon in 2017. What was left of the firm was renamed Altaba, and it's not a tech company but an investment firm.
Nothing beside remains. Round the decay of that colossal wreck, boundless and bare the lone and level sands stretch far away.