Equifax announced that it has cleared four of its executives who sold shares before the company disclosed a massive data breach that exposed the personal information of more than 145 million consumers.
According to Reuters, the $1.8 million in shares sold wiped out billions from its market value, but the executives insisted they weren’t aware of the breach when they made the trades.
A special committee set up by the company’s board conducted an investigation that included 62 interviews and a review of over 55,000 documents, including emails, text messages, phone logs, and other records. The committee found that the four executives had no knowledge of the breach when they sold the stock, and pre-clearance for the trades was appropriately obtained.
“The conclusion that the Company executives in question traded appropriately is an extremely important finding and very reassuring,” non-executive Chairman Mark Feidler said in a statement.
The U.S. Justice Department is conducting its own criminal investigation into the share sales.
The hack, among the largest ever recorded, has also prompted investigations by multiple federal and state agencies as well as scores of class action lawsuits.
The company’s shares were up 0.2 percent at $109.10 on Friday at midday, around 24 percent lower than on September 7 when Equifax disclosed that cyber criminals had breached its systems. The shares slumped as much as 37 percent in the days after the announcement.