According to the Complaint, Facebook, Inc. is the world’s largest online social network, with 2.5 billion monthly active users.
The Complaint alleges that during the Class Period, the Company made statements that were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) Facebook misrepresented its user growth; (2) Facebook knew, or should have known, that duplicate accounts represented a greater portion of its growth than stated, and it should have provided more detailed disclosures as to the implication of duplicate accounts to Facebook’s user base and growth; (3) Facebook did not provide a fair platform for speech, and regularly protected high profile users via its Cross Check/XCheck system; (4) despite being aware of their use of Facebook’s platforms, the Company failed to respond meaningfully to drug cartels, human traffickers, and violent organizations; (5) Facebook has been working to attract preteens to its platform and services; and (6) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
Plaintiff filed an amended Complaint on December 17, 2021. On January 6, 2022, the Court issued an Order transferring the case to the Northern District of California.
This case was voluntarily dismissed on March 3, 2022. A related case continues under Docket 21-CV-08812.
On July 26, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-08812.
Lead Plaintiffs filed a consolidated amended Complaint on October 28, 2022. Defendants filed a Motion to Dismiss the consolidated amended Complaint on January 27, 2023. On September 30, 2024, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.
