Equifax executives dumped $1.8M in stocks before news of their hack went public: report
It was announced Thursday that the credit scoring company Equifax was hacked and put approximately 143 million U.S. consumers at risk of I.D. theft.
However, Bloomberg News uncovered hours after the news broke that at least three senior executives unloaded their stock of the company prior to the news being made public.
The shares that were sold total almost $1.8 million and the stock dump took place in the days following the discovery of the security breach but prior to the company announcing the hack. Shares in the company dropped “6.2 percent to $133.90 in extended trading at 5:50 p.m. in New York,” Bloomberg reported.
Insider trading is defined as the illegal practice in which someone trades their stocks based on their own advantage of inside and confidential information.