Any negative news that can influence the share price is material information. A hack, involving payment means, of 500M users is definitely material information.
Also. As the excellent Matt Levine never ceases to repeat : everything is securities fraud.
If you didn't state in your regular filings "our security is poor, we may get hacked", then you lied by omission.
Also. As the excellent Matt Levine never ceases to repeat : everything is securities fraud.
If you didn't state in your regular filings "our security is poor, we may get hacked", then you lied by omission.