Supreme Court dismisses appeal from Facebook owner Meta over securities fraud lawsuit [Yahoo! Finance]
Meta Platforms, Inc. - Class A (META)
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Source: Yahoo! Finance
tech giant of misleading investors during the data-harvesting scandal involving Cambridge Analytica. In a one-sentence unsigned opinion, the Supreme Court did not provide a reason for dismissing Facebook, Inc. v. Amalgamated Bank, just saying it was "improvidently granted." It now means the lawsuit can continue in lower courts. Plaintiffs in the case argue that Facebook violated the Securities Exchange Act and unlawfully withheld information from investors surrounding the 2015 data breach tied to Cambridge Analytica, a British political consulting firm, according to Reuters. In 2018, Facebook's stock plummeted when media reports exposed that the firm used improperly harvested data from Facebook to support Donald Trump's successful 2016 presidential bid, the website added, noting that the investors are now seeking monetary damages to help recoup the lost value of the stock they had held. Meta To Face Massachusetts Lawsuit Claiming Its Features Purposefully Addict Children, Judg
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META
Earnings
- 10/30/24 - Beat
META
Sec Filings
- 11/21/24 - Form 4
- 11/19/24 - Form 4
- 11/19/24 - Form 4
- META's page on the SEC website