Chairman Rockefeller to Target: Why Haven't You Reported Data Breach to The Securities and Exchange Commission

Chairman John D. (Jay) Rockefeller IV sent a letter to Target asking why the company has not yet reported its recent massive data breach to the Securities and Exchange Commission (SEC), as the SEC recommended in an October 2011 guidance. “A data breach involving the theft of personal information about tens of millions of Target customers is clearly a material cyber attack that has affected how your business operates. I am therefore puzzled why your company has not yet updated its SEC filings to reflect this event. Your failure thus far to provide this information to your investors does not seem consistent with the spirit or the letter of the SEC’s financial disclosure rules,” Chairman Rockefeller wrote.