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Equifax shares plunge after FTC announces probe of data breach
Equifax stock plunged in value Thursday morning after the Federal Trade Commission (FTC) announced an investigation into the security breach that exposed the personal information of roughly 143 million people to hackers.
Shares of the embattled credit reporting company dropped nearly 10 percent after the market opened Thursday morning, sinking as low as $90.64 per share, about $8 lower than Wednesday's close. Equifax stock recovered slightly by 11 a.m., reaching $95 per share.
FTC's announcement shook the market, given that the regulator typically doesn't announce pending investigations.
"The FTC typically does not comment on ongoing investigations," FTC spokesman Peter Kaplan said in an email. "However, in light of the intense public interest and the potential impact of this matter, I can confirm that FTC staff is investigating the Equifax data breach."
Equifax revealed last week that the breach had exposed information like the Social Security numbers, credit card information and other sensitive data. Multiple congressional committees in both chambers have promised to investigate the breach.