CPS- Lawsuits coming and more insider sales
* Identify theft impacts directly 9.7m US households - 5%;
* CPS is the largest player in the industry and its executives believe NO privacy rights exist in the online age;
* No oversight with two execs running the company -CPS COE/Chairman and Pres/COO Dumping Big time now;
* CPS knew of security breach in October, put key man share sell program in place AFTER that - sold over $20m while these jerks earn $11.5m;
* 140K records actually more like 500K "compromised"- now over 1000 identity theft cases, up from 700 last week;
* Theft came from a Nigerian fraud ring that set up 500 accounts and they received all the CPS records without any background check or any site visits as required by law;
* Senate hearings led by Schumer are coming and spurred on by Feinstein who's CA laws are the ONLY ones in the county that require 30 day notification by these data collectors to all customers suffering "financial information breaches";
* PE Multiple of 30x and estimates are falling as management has already said they will incur costs to review ALL customer accounts;
* Three law firms have already begun filings for class action lawsuits;
* Organic growth is 5%, rest is all acquired growth
* Options need to be expensed and no more "special awards"
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