On or around 08/17/2018 (Ongoing date of last review)
Filing Date: July 27, 2018
Plaintiff's law firm issued a press release on July 27, 2018, announcing the filing of the class action lawsuit. According to the press release, the Complaint alleges that Facebook knew that the user base for its social media platform—Facebook's main revenue source—would diminish after it implemented new procedures necessary to comply with GDPR, a landmark data privacy legislation adopted by the European Union. Despite this knowledge, Facebook knowingly made materially false and misleading statements regarding Facebook's business and operations, causing catastrophic loss to its shareholders.
Company & Securities Information
Defendant: Facebook, Inc.
Industry: Software & Programming
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.