iLearningEngines plunges after disclosing cybersecurity incident

iLearningEngines

18/11/2024 15:09

** AI firm iLearningEngines'  AILE.O  shares fall 42% to 87
cents in morning trading
    ** AILE discloses in an SEC filing that it was hit by a
cybersecurity incident, which will have a material impact on its
operations during the quarter ended Dec. 31
    ** Says ongoing investigation reveals a threat actor
illegally accessed certain files on its network, misdirected 
$250,000 wire payment, and deleted a number of emails
    ** Says the Division of Enforcement of the SEC issued a
subpoena to AILE on Oct. 17 seeking various documents and
information; co is in the process of responding to the subpoena
    ** Co also says it will delay the release of its Q3
financial results 
    ** Earlier this month, AILE appointed Bonnie-Jeanne Gerety
as interim CFO and Thomas Olivier as its interim COO
    ** Hindenburg Research had disclosed a short position in co
in August
    ** Up to last close, stock had fallen 86% YTD

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))