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."