Governance & Derivative

First American Financial Corp. (NYSE: FAF)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into First American Financial Corp. (“FAF”) (NYSE: FAF).

On May 24, 2019, KrebsOnSecurity.com reported a massive data exposure by FAF involving approximately 885 million customer files.  Then, on October 22, 2020, FAF disclosed that, in relation to the 2019 data security breach, “[i]n September 2020, the Company received a Wells Notice informing the Company that the [Securities and Exchange Commission] enforcement staff has made a preliminary determination to recommend a filing of an enforcement action by the SEC against the Company.”

Recently, the Company reached a settlement with the SEC over the breach that included a $487,616 fine.

The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether FAF’s officers and/or directors breached their fiduciary duties to FAF’s shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of FAF shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.