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article imageSony CEO apologizes to gamers, company’s shares fall by 2.3 %

By Ernest Dempsey     May 7, 2011 in Business
Tokyo - Howard Stringer, CEO of the multinational conglomerate Sony, has apologized to gamers and users of the company’s online services for failing to protect their security against hackers and providing smooth services to gamers over the past two weeks.
According to US Daily News, the Chief Executive Officer of Sony, Howard Stringer, apologized publicly to those 100 million plus users at the PlayStation Network whose accounts at Sony, used for playing games and enjoying music online, had been hacked into, comprising their data. Stringer apologized both in personal capacity and as the representative of his company. Concerns started growing in late April 2011 when online gamers couldn’t use their Sony accounts to play games online for more than a week, as reported on Eyewitness News.
With thousands of comments posted on Sony’s official PlayStation fan page on Facebook as well as on their blog, Citigroup Global Markets analyst Kota Ezawa had foretold that trust in Sony’s business was likely to follow the problem its users witnessed. This came true as Sony’s shares fell significantly on April 28, 2011. London Evening Standard reported that Sony’s shares went down by as much as 5 percent in Tokyo on the same day.
More recently, AFP reports the company’s shares fell 2.3 percent on Friday (May 6, 2011) at the Tokyo Stock Exchange in Japan. Stringer was quoted explaining the belated notification to users, saying that forensic analysis was a time-consuming process and he only wished they could get the answers relating the hacking issue sooner than they did.
The AFP report says gamers are suing Sony in a US court over negligence while in Canada too, the company faces a one-billion-dollar damages suit by a 21-year-old Natasha Maksimovic, a resident of Toronto area, as reported by
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