Yahoo to Pay First SEC Penalty Over Its Response to Massive Hack

The company formerly known as Yahoo! Inc. will pay $35 million to settle Securities and Exchange Commission claims stemming from its delay in revealing a massive data breach, becoming the first U.S. firm fined for failing to properly tell investors it was the victim of a hack.

For nearly two years after its information security team learned in December 2014 that Russian hackers had stolen information tied to millions of users, Yahoo -- now known as Altaba Inc. -- issued public filings that warned of the potential impact of a breach without indicating that one had already occurred, the SEC ...