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Facebook, Inc.

Case Details

Class Period: November 3, 2016 - October 4, 2021
Date Filed: October 27, 2021
Case Number: 1:21cv05976
Jurisdiction: New York Eastern District Court
icon-casetype Case Type: Securities Case
Days Left to
Seek Plaintiff:
20

Case Summary

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (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 Facebooks 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 Facebooks 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, Defendants public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Documents
Complaint
10/27/2021