Why Coca-Cola Stock Flopped on Friday
One of its brands was targeted in a ransomware attack.
Overview
Coca-Cola (NYSE: KO) was the victim of a cyberattack, and that news spooked the company's many investors as the trading week came to a close. The beverage giant's shares lost 4% of their value on Friday following the company's announcement of the hack.
After market close on Thursday, Coca-Cola divulged that one of its subsidiaries, dairy beverage company fairlife, had been the victim of "unauthorized access by a third party to a portion of its systems," in connection with a ransomware situation.
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Details
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Originally published at www.fool.com.
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