FedEx execs: We had no idea cyberattack would be so bad. Investors: Is that why you sold $40m+ of your own shares?

FedEx execs: We had no idea cyberattack would be so bad. Investors: Is that why you sold $40m+ of your own shares?

5 years ago
Anonymous $4ckUSNo_FL

https://www.theregister.co.uk/2019/09/19/fedex_execs_sued/

FedEx execs not only hid the impact of the NotPetya ransomware on their business but personally profited by selling off tens of millions of dollars of their own shares before the truth came out, a lawsuit filed by the delivery business’ own shareholders claims.

The legal complaint [PDF], filed in Delware, USA, this week, accuses the shipping giant and its top brass of giving "materially false and misleading statements" about the impact of the malware infection on its European subsidiary TNT Express in June 2017. And, the paperwork notes, several top execs off-loaded their shares before the damage caused by the cyber-attack became known and the share price plummeted.