Investors sue Facebook following data harvesting scandal

Investors are suing Facebook in the wake of the Cambridge Analytica ...

Posted: Mar 21, 2018 12:55 PM
Updated: Mar 21, 2018 12:55 PM

Investors are suing Facebook in the wake of the Cambridge Analytica scandal, which sent the company's value plunging almost $50 billion this week.

Facebook shareholder Fan Yuan filed the lawsuit in federal court in San Francisco on Tuesday. The lawsuit was brought on behalf of an undisclosed number of investors who bought Facebook shares between February 3, 2017, and March 19, 2018.

The lawsuit said Facebook "made materially false and misleading statements" about the company's policies, and claims Facebook did not disclose that it allowed third parties to access data on millions of people without their knowledge.

Related: Facebook's stock tumbles again. Data scandal wipes away nearly $50 billion

"As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's common shares, Plaintiff and other Class members have suffered significant losses and damages," the lawsuit said.

Paul Grewal, Facebook's deputy general counsel, said that the company is "committed to vigorously enforcing our policies to protect people's information."

"We will take whatever steps are required to see that this happens," he said in a statement.

Facebook faces scrutiny from lawmakers and the public after revelations that data firm Cambridge Analytica had hoovered up data on 50 million Facebook users. Politicians from both the United States and the UK are calling on Facebook and Facebook CEO Mark Zuckerberg to answer questions about the Cambridge Analytica scandal.

The social media company has taken a pounding on the stock market since news of the scandal hit. Facebook shares fell 3% Tuesday, and the company's slump has spread to the broader market -- dragging down tech and social media companies. Twitter tumbled 10% and Snap Inc. lost 3% on Tuesday.

Facebook did not respond to a request for comment.

- Nathaniel Meyersohn contributed to this report

West Lafayette
Clear
65° wxIcon
Hi: 89° Lo: 66°
Feels Like: 65°
Kokomo
Clear
66° wxIcon
Hi: 86° Lo: 65°
Feels Like: 66°
Rensselaer
Clear
64° wxIcon
Hi: 85° Lo: 64°
Feels Like: 64°
Fowler
Clear
64° wxIcon
Hi: 86° Lo: 65°
Feels Like: 64°
Williamsport
Clear
65° wxIcon
Hi: 88° Lo: 65°
Feels Like: 65°
Crawfordsville
Clear
63° wxIcon
Hi: 88° Lo: 66°
Feels Like: 63°
Frankfort
Scattered Clouds
64° wxIcon
Hi: 88° Lo: 66°
Feels Like: 64°
Delphi
Clear
64° wxIcon
Hi: 88° Lo: 66°
Feels Like: 64°
Monticello
Clear
64° wxIcon
Hi: 86° Lo: 65°
Feels Like: 64°
Logansport
Clear
64° wxIcon
Hi: 87° Lo: 64°
Feels Like: 64°
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 49575

Reported Deaths: 2739
CountyConfirmedDeaths
Marion11812690
Lake5337247
Elkhart343257
Allen2867133
St. Joseph202569
Cass16439
Hamilton1629101
Hendricks1439100
Johnson1306118
Porter78038
Tippecanoe7439
Clark67144
Madison66864
Vanderburgh6296
LaPorte59727
Bartholomew59245
Howard58258
Kosciusko5654
Marshall5217
Noble49128
LaGrange4829
Jackson4773
Delaware46052
Boone45944
Hancock45736
Shelby43425
Floyd39144
Morgan32831
Monroe31528
Grant30226
Montgomery29720
Henry29316
Dubois2906
Clinton2882
White26810
Decatur25532
Lawrence25125
Dearborn24723
Vigo2408
Warrick23229
Harrison21722
Greene19132
Miami1892
Jennings17912
Putnam1708
DeKalb1634
Scott1628
Daviess15017
Wayne1496
Perry1409
Orange13623
Steuben1332
Franklin1278
Jasper1252
Ripley1247
Wabash1152
Carroll1122
Fayette1037
Gibson1032
Newton9910
Whitley995
Starke963
Huntington822
Randolph804
Wells791
Jefferson782
Fulton731
Jay680
Washington671
Pulaski661
Knox650
Clay644
Rush603
Owen511
Adams491
Posey490
Benton480
Spencer461
Sullivan451
Brown421
Blackford392
Fountain332
Crawford320
Tipton311
Switzerland280
Parke240
Martin220
Ohio210
Vermillion170
Warren151
Union130
Pike110
Unassigned0193

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events