LendingTree Stock Is Losing Ground After Hours: Here's Why

LendingTree Inc (NASDAQ:TREE) shares are trading lower after the bell on Thursday following a report that hackers are now selling stolen consumer data from the company’s subsidiary QuoteWizard.

What Happened: According to a Bloomberg report citing a person familiar with the matter, several listings are popping up on cybercriminal forums offering access to data from LendingTree subsidiary QuoteWizard.

The news comes after the company reportedly detected unauthorized access on a cloud database hosted by Snowflake Inc (NYSE:SNOW) this week.

"We take these matters seriously, and immediately after hearing from them we launched an internal investigation," said Megan Greuling, spokesperson for LendingTree.

The report indicates the hack did not impact LendingTree operations. The company is still looking into the size and scope of the cybercrime and has not determined exactly how the private information was obtained.

"This is an ongoing investigation, and as soon as that investigation is complete we will notify all the impacted customers," said Arun Sankaran, chief information security officer at LendingTree.

LendingTree has reportedly said that the hackers didn’t obtain any information from the parent company or any financial account information from QuoteWizard users. The data that was acquired is reportedly being auctioned off to the highest bidder.

Snowflake shares also traded lower on the report, but the stock had recovered most of its losses by publication time.

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TREE Price Action: Lending Tree shares were off the lows, but still down about 2.33% in after-hours at $39.84 at the time of publication, per Benzinga Pro.

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