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[Dataloss] follow-up: Heartland data breach triggers class action suit

From: security curmudgeon (jerichoattrition.org)
Date: Wed Mar 18 2009 - 03:04:07 CDT

---------- Forwarded message ----------
From: InfoSec News <alertsinfosecnews.org>


[Heartland Payment Systems trades as: NYSE:HPY - WK]

By Warwick Ashford
17 Mar 2009

Heartland Payment Systems faces a class action lawsuit from investors who
claim they lost money following a breach of its debit and credit card
processing systems in 2008.

The company revealed on 20 January that its systems had been compromised
by hackers, exposing card account numbers, expiry dates and data from the
card's magnetic stripe.

Heartland said in a small number of cases cardholder names were also
potentially at risk, but no personal identification numbers had been

An investor has filed a proposed class action in the US district court of
New Jersey on behalf of all other investors in Heartland between August
2008 and February 2009.

The complaint alleges that Heartland issued false or misleading statements
and failed to disclose material adverse facts about its business,
operations and prospects during that period.

Heartland's shares during that period also declined from $21.84 per share,
or approximately 80%, from its high of $27.19 per share in September 2008.

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