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Yahoo investigating if insiders knew of hack

John Ribeiro | Nov. 11, 2016
Yahoo said in a filing it was possible that its acquisition by Verizon could be terminated or renegotiated

The disclosure of the hack followed an announcement by Verizon Communications that it planned to acquire Yahoo's operating business for US$4.8 billion, but the communications company has said it is evaluating whether the hack had a material impact. Yahoo said in the filing that there are risks that as a result of facts relating to the security incident, Verizon may seek to terminate or renegotiate the terms of its purchase.

The company is facing 23 proposed consumer class-action lawsuits following the hack both in the U.S. and abroad. The company recorded expenses of $1 million related to the hack in the quarter ended Sept. 30.

 

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