CASE NO. 17-CV-00373 (LHK) 

LOBDELL DECLARATION IN SUPPORT OF MOTION TO DISMISS SECOND AMENDED COMPLAINT

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JORDAN ETH (CA SBN 121617)

JEth@mofo.com 

JUDSON E. LOBDELL (CA SBN 146041) 

JLobdell@mofo.com 

MORRISON & FOERSTER LLP

425 Market Street 

San Francisco, California 94105-2482 

Telephone: 415.268.7000 

Facsimile: 415.268.7522 

Attorneys for Defendants 

ALTABA INC. (F.K.A. YAHOO! INC.) and 

MARISSA MAYER 

UNITED STATES DISTRICT COURT 

NORTHERN DISTRICT OF CALIFORNIA 

IN RE YAHOO! INC. SECURITIES 

LITIGATION 

THIS DOCUMENT RELATES TO: ALL 

ACTIONS 

Case No. 17-CV-00373 (LHK) 

DECLARATION OF JUDSON E. 

LOBDELL IN SUPPORT OF YAHOO! 

INC. AND MARISSA MAYER’S 

MOTION TO DISMISS PLAINTIFFS’ 

SECOND AMENDED CLASS ACTION 

COMPLAINT 

Case 5:17-cv-00373-LHK Document 77 Filed 03/02/18 Page 1 of 5
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CASE NO. 17-CV-00373 (LHK) 

LOBDELL DECLARATION IN SUPPORT OF MOTION TO DISMISS SECOND AMENDED COMPLAINT

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I, Judson Lobdell, hereby declare as follows: 

I am an attorney admitted to practice in the State of California and before this Court. I am 

a partner in the law firm of Morrison & Foerster LLP, counsel of record for Defendants Altaba 

Inc., formerly known as Yahoo! Inc. (“Yahoo”), and Marissa Mayer. I make this declaration in 

support of Yahoo Inc. and Marissa Mayer’s Motion to Dismiss Plaintiffs’ Second Amended Class 

Action Complaint. Unless stated otherwise, I have personal knowledge of the facts set forth 

below and, if called as a witness, could testify competently thereto. 

1. Attached hereto as Exhibit 1 is a true and correct copy of a web post attributed to 

Ron Bell, and published to Yahoo’s website, titled “Sharing Our First Transparency Report.” The 

article is dated September 6, 2013. 

2. Attached hereto as Exhibit 2 is a true and correct copy of an article by Jon Xavier, 

published in the Silicon Valley Business Journal, titled “At Yahoo, Ron Bell Stood Up for Users’ 

Privacy.” The article is dated March 14, 2014. 

3. Attached hereto as Exhibit 3 is a true and correct copy of a web post attributed to 

Jeff Bonforte, and published to Yahoo’s website, titled “An Update on Our DMARC Policy to 

Protect Our Users.” The article is dated April 11, 2014. 

4. Attached hereto as Exhibit 4 is a true and correct copy of the written testimony of 

Alex Stamos before the Senate Homeland Security and Government Affairs Subcommittee on 

Investigations, May 15, 2014. 

5. Attached hereto as Exhibit 5 is a true and correct copy of a web post attributed to 

Ron Bell, and published to Yahoo’s website, titled “Surveillance Revelations One Year On.” The 

article is dated June 5, 2014. 

6. Attached hereto as Exhibit 6 is a true and correct copy of a presentation titled 

“Building Security at Scale.” The presentation was delivered at the 2014 Black Hat USA 

Conference, by Alex Stamos on August 7, 2014. 

7. Attached hereto as Exhibit 7 is a true and correct copy of a web post attributed to 

Ron Bell, and published to Yahoo’s website, titled “Shedding Light on the Foreign Intelligence 

Case 5:17-cv-00373-LHK Document 77 Filed 03/02/18 Page 2 of 5
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CASE NO. 17-CV-00373 (LHK) 

LOBDELL DECLARATION IN SUPPORT OF MOTION TO DISMISS SECOND AMENDED COMPLAINT

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Surveillance Court (FISC): Court Findings from Our 2007-2008 Case.” The article is dated 

September 11, 2014. 

8. Attached hereto as Exhibit 8 is a true and correct copy of the “Users First” section 

of Yahoo’s Transparency Report dated March 26, 2015. 

9. Attached hereto as Exhibit 9 is a true and correct copy of a web post attributed to 

Ron Bell, and published to Yahoo’s website, titled “Users First: Sharing Our Transparency 

Report.” The article is dated March 27, 2015. 

10. Attached hereto as Exhibit 10 is a true and correct copy of a web post attributed 

to Daryl Low, and published to Yahoo’s website, titled “App Transport Security 101 for Yahoo 

Developers: Improving Security of the Overall Internet Ecosystem.” The article is dated 

September 17, 2015. 

11. Attached hereto as Exhibit 11 is a true and correct copy of a web post attributed 

to Ron Bell, and published to Yahoo’s website, titled “Why We Support Apple.” The article is 

dated March 3, 2016. 

12. Attached hereto as Exhibit 12 is a true and correct copy of a Current Report on 

Form 8-K filed by Yahoo with the SEC on July 25, 2016, attaching the Stock Purchase 

Agreement between Yahoo! Inc. and Verizon Communications Inc. 

13. Attached hereto as Exhibit 13 is a true and correct copy of excerpts from a 

Preliminary Proxy Statement on Schedule 14A filed by Yahoo with the SEC on September 9, 

2016. 

14. Attached hereto as Exhibit 14 is a true and correct copy of excerpts from a 

Definitive Proxy Statement on Schedule 14A filed by Yahoo with the SEC on April 24, 2017. 

15. Attached hereto as Exhibit 15 is a true and correct copy of a press release 

published by Yahoo dated June 13, 2017 and titled “Yahoo Completes Sale of Operating 

Business; Company to Be Re-Named Altaba and Register as Investment Company.” 

16. Attached hereto as Exhibit 16 is a chart reflecting the daily opening, closing, high, 

and low prices for Yahoo’s stock from April 30, 2013 through April 4, 2017. This chart was 

created by a paralegal under my direction. The mean closing price reflected in the chart for the 

Case 5:17-cv-00373-LHK Document 77 Filed 03/02/18 Page 3 of 5
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CASE NO. 17-CV-00373 (LHK) 

LOBDELL DECLARATION IN SUPPORT OF MOTION TO DISMISS SECOND AMENDED COMPLAINT

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period between January 5, 2017 and April 4, 2017 (inclusive), rounded to the nearest cent, is 

$44.87. The data that populates this chart was downloaded from Yahoo! Finance: 

https://finance.yahoo.com/quote/AABA/history?period1=1367305200&period2=1491289200&in

terval=1d&filter=history&frequency=1d 

17. Attached hereto as Exhibit 17 is a true and correct copy of the indictment filed by 

the Department of Justice on February 28, 2017 in the case captioned United States of America v. 

Dokuchaev et al., CR17-103, in the Northern District of California. 

18. Attached hereto as Exhibit 18 is a true and correct copy of an article by Joseph 

Cox, published in Motherboard, titled “Yahoo ‘Aware’ Hacker is Advertising 200 Million 

Supposed Accounts on Dark Web.” The article is dated August 1, 2016. 

19. Attached hereto as Exhibit 19 is a true and correct copy of a press release 

published on Yahoo’s website, dated September 22, 2016 titled “An Important Message to Yahoo 

Users on Security.” 

20. Attached hereto as Exhibit 20 is a true and correct copy of excerpts from an 

Annual Report on Form 10-K filed by Yahoo with the SEC on March 1, 2017. 

21. Attached hereto as Exhibit 21 is a true and correct copy of excerpts from a 

Quarterly Report on Form 10-Q filed by Yahoo with the SEC on November 9, 2016. 

22. Attached hereto as Exhibit 22 is a true and correct copy of a Current Report on 

Form 8-K filed by Verizon Communications Inc. with the SEC on October 3, 2017, a press 

release titled “Yahoo Provides Notice to Additional Users Affected by Previously Disclosed 2013 

Data Theft.” 

23. Attached hereto as Exhibit 23 is a true and correct copy of a guidance 

memorandum published by the Securities and Exchange Commission’s Division of Corporation 

Finance titled CF Disclosure Guidance: Topic No. 2 Cyber Security. The guidance memorandum 

is dated October 13, 2011. 

24. Attached hereto as Exhibit 24 is a true and correct copy of a web post attributed to 

Chris Rohlf, and published to Yahoo’s website, titled “Users First: Our Vulnerability Disclosure 

Policy.” The article is dated December 9, 2014. 

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CASE NO. 17-CV-00373 (LHK) 

LOBDELL DECLARATION IN SUPPORT OF MOTION TO DISMISS SECOND AMENDED COMPLAINT

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25. Attached hereto as Exhibit 25 is a true and correct copy of a web post attributed to 

Bob Lord, and published to Yahoo’s website, titled “Notifying Our Users of Attacks by 

Suspected State-Sponsored Actors.” The article is dated December 21, 2015. 

26. Attached hereto as Exhibit 26 is a true and correct copy of a news article 

published by Reuters, titled “Yahoo Security Problems a Story of Too Little, Too Late.” The 

article is dated December 18, 2016 and available at https://www.reuters.com/article/us-yahoocyber-insight/yahoo-security-problems-a-story-of-too-little-too-late-idUSKBN1470WT 

27. Attached hereto as Exhibit 27 is a true and correct copy of charts reflecting Lead 

Plaintiffs’ transactions in Yahoo securities, filed with this court on March 27, 2017 at Dkt. Nos. 

13-2 and 13-3. The option securities listed in the chart for Lead Plaintiff Maher appear to follow 

the naming convention: 1. Ticker symbol of the underlying stock; 2. expiration date of the option 

in the format DDMMMYY; 3. option type, either P or C, for put or call; and 4. strike price. For 

example, the option labeled “YHOO 17JAN15 38.0 C” appears to reflect a call option for Yahoo 

common stock with an exercise date of January 17, 2015 and a strike price of $38.00. 

28. Attached hereto as Exhibit 28 is a true and correct copy of a chart reflecting 

Plaintiff Talukder’s transactions in Yahoo stock, filed on March 21, 2017, in the action titled 

Talukder v. Yahoo! Inc. et al., 5:17-cv-1525-LHK, N.D. Cal. 

Executed this 2nd day of March 2018, at San Francisco, California. 

/s/ Judson E. Lobdell 

Judson E. Lobdell 

Case 5:17-cv-00373-LHK Document 77 Filed 03/02/18 Page 5 of 5