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Yahoo is facing an investigation by the U.S. Securities and Exchange Commission relating to its failure to promptly disclose to investors information about the two massive data breaches the company revealed last year.
The Wall Street Journal reports that the SEC requested documents from Yahoo in December over whether the company, which is in the midsts of a $4.8 billion acquisition by Verizon, properly disclosed details about the cyberattacks and if it complied with civil securities laws.
The road to closing the acquisition has been anything but smooth for Yahoo. Just two months after the purchase was announced, Yahoo claimed that “state-sponsored” hackers stole data from 500 million users back in 2014. That certainly caught everyone off guard and there were rumblings that Verizon would either back out or seek a $1 billion discount on the deal.
And if that wasn’t enough, two months after that, Yahoo revealed another hack, this time as far back as August 2013, where more…