On or around 01/15/2020 (Date of last review)
Filing Date: March 20, 2018
Facebook operates a social networking website that allows people to communicate with their family, friends, and coworkers.
According to the law firm press release, Facebook users have the ability to share and restrict information based on their own specific criteria. As of the end of 2017, Facebook had roughly 2.2 billion active users.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Facebook violated its own purported data privacy policies by allowing third parties to access the personal data of millions of Facebook users without the users’ consent; (ii) discovery of the foregoing conduct would foreseeably subject the Company to heightened regulatory scrutiny; and (iii) as a result, Facebook’s public statements were materially false and misleading at all relevant times.
On August 3, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases are captioned "In re Facebook, Inc. Securities Litigation." On October 5, the Court issued an Order consolidating cases. Lead Plaintiff filed a consolidated Complaint on October 15. Defendants filed a Motion to Dismiss the consolidated Complaint on December 14. On September 25, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On November 15, Lead Plaintiff filed a second amended consolidated Complaint.
Company & Securities Information
Defendant: Facebook, Inc.
Industry: Communications Services
Headquarters: United States
Ticker Symbol: FB
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Fan Yuan, et al. v. Facebook, Inc., et al.
COURT: N.D. California
DOCKET #: 18-CV-01725
JUDGE: Hon. Edward J. Davila
DATE FILED: 03/20/2018
CLASS PERIOD START: 02/03/2017
CLASS PERIOD END: 03/19/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Pomerantz LLP (Beverly Hills)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violation of the Federal Securities Laws
Stipulation and Order Consolidating Cases and Appointing Lead Plaintiff and Lead Counsel