FedEx Brass Downplayed Cyberattack, Shed Stock, Suit Says

Law360 (September 18, 2019, 12:42 PM EDT) -- A shareholder derivative suit filed Wednesday in Delaware federal court claims that FedEx Corp. misled investors by downplaying the impact of the massive 2017 cyberattack known as "NotPetya" on its European subsidiary while executives shed company stock.

The suit, filed by shareholder Jason Flaker, accuses the shipping and logistics giant of making "materially false and misleading statements" about the company's response after European subsidiary TNT Express BV was among those swept up in the cyberattack, which wreaked havoc on computer systems worldwide and caused what authorities have called as much as $10 billion in damage.

FedEx publicly downplayed the impact of...

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