LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Facebook, Inc. (“Facebook” or the “Company”) (NASDAQ: FB) securities between February 3, 2017 and March 19, 2018, inclusive (the “Class Period”). Facebook investors have until May 21, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Facebook page on our website at www.glancylaw.com/case/facebook-inc. Investors that suffered losses on their Facebook investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
Several news sources reported that Cambridge Analytica obtained information on millions of Facebook users, and that Facebook was aware of the data acquisition for several years. Following this news the U.S. Federal Trade Commission (“FTC”) confirmed that the agency is “probing whether Facebook violated terms of a 2011 consent decree of its handling of user data that was transferred to Cambridge Analytica without [user] knowledge.” On this news, Facebook’s share price has fallen significantly in value over the course of several trading sessions, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Facebook violated its own purported data privacy policies by allowing third parties to access the personal data of millions of Facebook users without the users' consent; (ii) discovery of the foregoing conduct would foreseeably subject the Company to heightened regulatory scrutiny; and (iii) as a result, Facebook's public statements were materially false and misleading at all relevant times.
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If you purchased shares of Facebook during the Class Period you may move the Court no later than May 21, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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