Yahoo drifts little changed after the SEC says it's looking into why it took the company so long to tell investors about its hacks
Yahoo is down 0.02% at $42.04 a share on Monday morning after US regulators announced they are investigating why it took the company so long to disclose it was hacked.
According to a new report from The Wall Street Journal, The Securities and Exchange Commission (SEC) is examining whether the company should have told investors sooner about two huge data breaches.
The disclosures from Yahoo about both breaches came after the company agreed to sell its main business to Verizon in July, triggering questions about whether the deal would still be viable and, if so, at what price. The deal is expected to close soon, according to The New York Post, and will see what's left of the business renamed as "Altaba."
Other agencies looking into the data breach include the Federal Trade Commission, the U.S. Attorney's Office in Manhattan and "a number of State Attorneys General," Yahoo said in the November filing.
Earlier this month, Yahoo announced that CEO Marissa Mayer will resign from the company's board of directors after its planned merger is completed.
