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.
Suffering a financial or contractual dispute can have serious implications on your business.
Our business solicitors will quickly and efficiently put your case together and act on your behalf. Call Shalish Mehta in our civil and commercial litigation department on 0161 624 6811 or email firstname.lastname@example.org. We can advise you on the appropriate course of action and assist with any legal documents or proceedings that may occur.
Latest posts by Shalish Mehta (see all)
- Prince Harry Seeks Judicial Review Over UK Police Protection - 7th July 2022
- Apple faces £768m collective action for ‘throttling’ iPhones - 27th June 2022
- Over 6 million Britons involved in land disputes with neighbours - 27th June 2022
- Volkswagen agrees to pay £193 million to around 91,000 British drivers - 13th June 2022
- Jury in the USA rules against Amber heard in defamation suit brought by Johnny Depp - 9th June 2022