Palantir Technologies, Inc. (NASDAQ:PLTR) stated on Friday that a report regarding major security flaws in its battlefield communications technology, developed in conjunction with Anduril Industries Inc., was outdated and inaccurate.
Palantir shares fell more than 7% on Friday.
Army Memo
According to an internal memo seen by Reuters, the Army’s chief technology officer warned in September that the prototype of the Next Generation Command and Control (NGC2) battlefield communication platform should be considered “very high risk” because adversaries could potentially gain “persistent undetectable access.”
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“We cannot control who sees what, we cannot see what users are doing, and we cannot verify that the software itself is secure,” the memo said, per Reuters.
The platform – developed by Anduril under a $100 million contract with support from Palantir, Microsoft and other contractors – is designed to connect soldiers, sensors, vehicles, and commanders with real-time data.
Palantir, Anduril Respond
Both companies denied the allegations, arguing the information was both inaccurate and no longer relevant.
Palantir said in a statement, per Bloomberg, that the issues have been addressed and the problems were “mitigated immediately,” adding that “No vulnerabilities were found in the Palantir platform.”
Anduril responded similarly, stating that the issues were rectified as part of the “normal process” of development, according to Bloomberg.
“The recent report reflects an outdated snapshot, not the current state of the program,” Anduril said.
PLTR Price Action: Palantir shares recovered slightly, up 0.99% at $174.79 in Friday’s extended trading, according to data from Benzinga Pro.
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