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On Wednesday, T-Mobile US, Inc. (NASDAQ:TMUS) was reportedly fined $60 million by the Committee on Foreign Investment in the U.S. for failing to prevent and report unauthorized access to sensitive data.
The penalty, which is the company’s largest penalty ever, relates to violations of a mitigation agreement that German-controlled T-Mobile agreed to during its $23 billion acquisition of Sprint Corp in 2020, Reuters reports.
Related: Can You Hear It Now? Everything To Know About The Sprint, T-Mobile Merger
According to U.S. officials, T-Mobile, which is majority-owned by Deutsche Telekom, experienced unauthorized access to sensitive data in both 2020 and 2021.
T-Mobile stated that it encountered technical issues during its post-merger integration with Sprint which impacted “information shared from a small number of law enforcement information requests.”
As per the report, the company emphasized that the data remained within the law enforcement community, was reported “in a timely manner,” and was “quickly addressed.”
One of the U.S. officials stated “The $60 million penalty announcement highlights the committee’s commitment to ramping up CFIUS enforcement by holding companies accountable when they fail to comply with their obligations,”
The officials added, “The failure of T-Mobile to report the incidents promptly delayed CFIUS’ efforts to investigate and mitigate any potential harm to U.S. national security.”
Investors can focus on the stock via Simplify Exchange Traded Funds Simplify Next Intangible Value Index ETF (BATS:NXTV) and Invesco BuyBack Achievers ETF (NASDAQ:PKW).
Price Action: TMUS shares are down 0.72% at $193.92 premarket at the last check Wednesday.
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Price Action: TMUS shares are down 0.72% at $193.92 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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