Facebook investors are suing the social media giant following news that data firm Cambridge Analytica had improperly used data from 50m Facebook users to target American voters in the 2016 election. The news has sent its shares plummeting by almost £50bn.
US court filings show that shareholders now want to sue the business over “significant losses and damages” as a result of the scandal.
Fan Yuan, the investor who filed the suit on behalf of those who bought shares in Facebook between February 2017 and March 2018, claims Facebook has made “materially false and misleading statements” and alleges that it violated its own data privacy policies by allowing a third party to access personal data.
The document does not disclose the number of shareholders but says there could be “hundreds or thousands” involved in the lawsuit.
Damian Collins MP, chair of the Digital, Culture, Media and Sport Committee, wrote to Facebook’s billionaire founder Mark Zuckerberg calling on him to give evidence on the data breach in Westminster. An old transcript of Mr Zuckerberg calling people “dumb f***s” for submitting personal information to the site have also resurfaced in the wake of the row.
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