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Chipotle Encounters Hack into Payment System

There has been an unauthorized transaction via the payment system of Chipotle Mexican Grill Inc. during the spring, the company said April 25, 2017. According to executives of the Mexico based fast-casual chain, sales had bounced back following one lengthy slack owing to certain food safety outburst. They also told analysts of Wall Street about a hack into their enterprise's payment processing device.

Jack Hartung CEO of Chipotle reported that the hack impacted their credit card processing device between 24th March and 18th April current year. Chipotle, however, didn't reveal how many restaurants got victimized with the hack, alternatively the names of those customers who possibly got impacted.

Hartung said his company wished its investors and customers to know that there was an unauthorized dealing spotted lately on its network which functioned to aid the working of payment processing related to the purchases from its restaurants .He informed about Chipotle (CMG, +3.67%) having enforced extra security measures that believably halted the unauthorized transaction.

Chipotle states it's as well engaged in a joint task with law enforcement, one cyber security company as well as its payment processor for tackling the problem. Fortune.com posted this online dated April 25, 2017.

An otherwise encouraging report of good earnings in the first quarter by the burrito chain based in Denver, the hacking news was disturbing.

During January-March 2017, sales growth was an average 17.8% added with increased profits. Moreover, with unexpectedly positive numbers there occurred a spike which once raised the stock price of one Chipotle share above $500, like never before, from February 2016. With the declaration of the hacking news, Chipotle had its stock price fall lower than $480.

Further, prior to telling Wall Street about the hack, Chipotle's stock leaped at the rate above 6% during trading at after hours. Presently it's still higher by 3.4%. And via closing on Wed, the shares of the company rose 25% during 2017.

While Hartung said his company would not now give additional commentary else within its Q&A section too, the company expected informing any affected clients as more developments and further news emerged.

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