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|Founders||Robert Maynard Jr.|
|Revenue||$587.47 million (2015)|
|–$84.75 million (2015)|
|–$51 million (2015)|
|Total assets||$592.81 million (2015)|
|Total equity||$318.07 million (2015)|
Number of employees
|Footnotes / references|
LifeLock Inc. (formerly NYSE:LOCK) is an American identity theft protection company based in Tempe, Arizona. LifeLock was founded by Robert Maynard Jr. and Todd Davis in 2005. LifeLock’s identity theft protection system detects fraudulent applications for credit and illegal use of personal information. It also monitors the use of personal information and credit score changes. As of 9 February 2017, it is a subsidiary of Symantec.
In 2015, it was ordered to pay $100 million to settle Federal Trade Commission contempt charges for failing to protect consumer information and deceptive advertising, the largest monetary award obtained by the Commission for an enforcement action. In 2017 it filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock.
Co-founder Robert J. Maynard began his career by founding the Internet Service Provider (ISP) Internet America in the late 1990s. Former LifeLock CEO Todd Davis worked for Dell before founding Marketing Champions.
In June 2007, Robert J. Maynard, Jr. resigned from LifeLock after claims that he was a victim of identity theft came under scrutiny.
In 2007, co-founder Todd Davis publicly posted his Social Security number as part of an ad campaign to promote the company's identity theft protection services. Davis was a victim of 13 cases of identity theft between 2007 and 2008. Regarding the campaign, Davis said, "We were trying to make the point that ... all it takes is one data breach. The point of that campaign was to take proactive steps to protect your identity."
In December 2008, LifeLock entered into an agreement with TransUnion, one of the three main credit bureaus, to automate the process of alerting customers of potential unauthorized access via their credit reports. LifeLock acquired ID Analytics following a round of funding in March 2012. ID Analytics operates as a wholly owned subsidiary of LifeLock.
In March 2012, ID Analytics, Inc. became a wholly owned subsidiary of LifeLock.
Following the announcement of the company's IPO in August 2012, Hilary Schneider joined the company as president. Schneider had previously been working with TPG Capital after leaving Yahoo in 2010.
As of February 2014, LifeLock had 3 million subscribers.
In 2015, the FTC obtained a $100 million monetary penalty against LifeLock, that was paid, with $68 million held for class-action refunds to customers in relation to false advertising and failed service delivery allegations.
In April 2007, LifeLock raised $6 million in its series B funding from Kleiner Perkins Caufield & Byers. The following January, its Series C Funding ended with $25 million, led by Goldman Sachs Group, Inc. In August 2009, a series D funding round raised $40 million for the company. LifeLock raised $100 million in new equity funding from Bessemer Ventures Partners, Goldman, Sachs & Co., Kleiner Perkins Caufield & Byers, Symantec Corporation and River Street Management in March 2012. The funds were used towards the acquisition of ID Analytics, an identity theft risk prediction technology.
On August 28, 2012, LifeLock announced its plans to take its identity theft protection business public and filed for an initial public offering worth up to $175 million. On October 3, the company was listed on the New York Stock Exchange and trades under the symbol LOCK, according to its U.S. Securities and Exchange Commission filing.
LifeLock markets its services through industry partnerships with private enterprises, the entertainment industry, and financial institutions, also relying on radio show advertisements and celebrity spokespersons like Howard Stern.
In 2010, LifeLock partnered with the Law Enforcement Executive Development Association (FBI-LEEDA) to provide identity theft education seminars to law enforcement officials. In February 2014, LifeLock collaborated with the National Parent Teacher Association (PTA) to develop interactive digital tools to teach children safe online habits.
In March 2010, LifeLock was fined $12 million by the Federal Trade Commission for deceptive advertising. The FTC called the company's prior marketing claims misleading to consumers by claiming to be a 100% guarantee against all forms of identity theft.
In 2015, the FTC found LifeLock to be in contempt of the 2010 agreement, charging that they "failed to establish and maintain a comprehensive information security program", and "falsely advertised that it protected consumers' sensitive data". The FTC obtained a $100 million monetary penalty against LifeLock to settle the contempt charge. Of that fine, $68 million is to be held for class-action refunds to LifeLock customers.
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