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Meta Must Face Investor Suit After Supreme Court Drops Case
November 22, 2024 at 19:36
- Company faces allegations over data-harvesting scandal
- Supreme Court heard arguments on Meta’s appeal on Nov. 6
The US Supreme Court dismissed an appeal by Meta Platforms Inc., leaving it to face a multibillion-dollar lawsuit that accuses the company of misleading shareholders about the data-harvesting scandal involving political consulting firm Cambridge Analytica.
Investors claim the company, then known as Facebook, inflated share prices through misleading disclosures about the risk of the scandal leading to the misuse of user data. The shareholders say revelations about the breach eventually contributed to two 2018 price drops that cost the company more than $200 billion in market value.
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