NEW YORK, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Marriott International, Inc. (“Marriott” or the “Company”) (NASDAQ: MAR ) of the January 30, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Marriott stock or options between November 9, 2016 and November 29, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/MAR . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Marriott securities between November 9, 2016 and November 29, 2018 (the “Class Period”). The case, McGrath v. Marriott International, Inc. et al , No. 1:18-cv-06845 was filed on December 1, 2018 and has been assigned to Judge Nina Gershon.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Marriott’s and Starwood’s systems storing their customers’ personal data were not secure; (2) there had been unauthorized access on Starwood’s network since 2014; (3) 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 (4) as a result, Marriott’s public statements were materially false and/or misleading at all relevant times.
Specifically, on November 30, 2018, before market hours, Marriott reported a potential data breach involving the personal information of 500 million guests. According to the release, there had been unauthorized access to the Starwood network since 2014.
On this news, the Company’s stock price fell from $121.84 per share on November 29, 2018 to $115.03 per share on November 30, 2018—a $6.81 or 5.59% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Marriott’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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