Wm Morrison Supermarkets (LON:MRW) has been found liable for the actions of a former staff member who stole the data, including salary and bank details, of thousands of employees and posted it online, the BBC has reported. Andrew Skelton, who posted the data because of a grudge, was jailed for eight years in 2015.
Morrisons’ share price closed lower on Friday, shedding 0.83 percent to 214.50p. The stock underperformed the broader UK market, with the benchmark FTSE 100 index losing 26.18 points to end the previous session 0.36 percent in the red at 7,300.49.
The BBC reported on Friday that a High Court had allowed workers affected by the data leak to claim compensation for the ‘upset and distress’ caused. The case is the first data leak class action in the UK.
Following the ruling, Nick McAleenan of JMW Solicitors, acting for the claimants, said the leak had caused them ‘significant worry, stress and inconvenience,’ as quoted by the BBC.
Morrisons argues that it believed it should not have been held responsible and would be appealing against the decision. Any further hearing about amounts of compensation will not take place until the grocer’s appeal has concluded.
Analysts on Morrisons
The 16 analysts offering 12-month price targets for Morrisons for the Financial Times have a median target of 237.50p on the shares, with a high estimate of 275.00p and a low estimate of 170.00p. As of December 2, the consensus forecast amongst 20 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.
Morrisons updated investors on its performance last month, revealing that its recovery had continued in the third-quarter of its financial year, with like-for-like sales excluding fuel having climbed 2.5 percent.