Medibank is now facing a class action lawsuit from shareholders over its 2022 data breach, in addition to the lawsuit filed earlier this year by customers.
The medical insurer has confirmed that the new lawsuit has been filed in the Supreme Court of Victoria on behalf of those who held an interest in Medibank shares between July 1, 2019 and October 19, 2022, and alleges that the company breached its continuous disclosure obligations by failing to inform the market about its cyber security system deficiencies.
Medibank intends to challenge these allegations. The data breach was initially disclosed in October 2022 after attackers attempted to extort money from the company, and resulted in a series of dark web data dumps that concluded at the end of November.
