UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
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Item 8.01 Other Events.
Earlier this year, HealthEquity, Inc. (the “Company”) became aware, through routine monitoring, of anomalous behavior by a personal use device belonging to a business partner (the “Partner”). The Company promptly took steps to isolate and triage the issue and began an investigation into the nature and scope of the issue. The investigation concluded that the Partner’s user account had been compromised by an unauthorized third party, who used that account to access information. The accessed information included some personally identifiable information, which in some cases is considered protected health information, pertaining to certain of our members. The investigation further concluded that some information was subsequently transferred off the Partner’s systems. The Company has taken steps to strengthen its security environment, including with respect to the compromised Partner account and the recommended actions of its incident response firm.
The investigation did not find placement of malicious code on any Company systems. There has been no interruption to the Company’s systems, services, or business operations.
The Company is in the process of notifying its partners and clients, as well as identifying and notifying individual members whose information may have been involved. The Company expects to offer complimentary credit monitoring and identity restoration services.
The Company does not currently believe the incident will have a material adverse effect on its business, operations, or financial results. The Company is continuing to evaluate the impact of this incident, including remediation expenses and other potential liabilities. The Company believes it holds adequate cybersecurity insurance for this incident and will also be seeking recourse from the Partner.
Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the Company’s expectations regarding the incident disclosed and its impact on the Company. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “aims,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended January 31, 2024 and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | ||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HEALTHEQUITY, INC. | |||||||||||
| Date: July 2, 2024 | By: | /s/ James Lucania | |||||||||
| Name: | James Lucania | ||||||||||
| Title: | Executive Vice President and Chief Financial Officer | ||||||||||