Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Marriott International, Inc. (MAR)
NEW YORK, Jan. 04, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Marriott International, Inc. (“Marriott” or the “Company”) (Nasdaq: MAR) in the United States District Court for the Eastern District of New York, on behalf of a class consisting of investors who purchased or otherwise acquired securities of Marriott between November 9, 2016 and November 29, 2018 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Marriott’s and Starwood’s systems storing their customers’ personal data were not secure; (ii) there had been unauthorized access on Starwood’s network since 2014; (iii) consequently, the personal data of approximately 500 million Starwood guests and sensitive personal information of approximately 327 million of those guests may have been exposed to unauthorized parties; and (iv) as a result, Marriott’s public statements were materially false and/or misleading at all relevant times.
On November 30, 2018, Marriott disclosed the discovery of “a data security incident involving [its] Starwood guest reservation database” and “that an unauthorized party had copied and encrypted information and took steps towards removing it.” Marriott stated that “information on up to approximately 500 million guests” had been subject to unauthorized access since 2014. Following this news, Marriott’s stock price fell sharply during intraday trading on November 30, 2018.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the January 30, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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