Springfield, MO

Investors sue Facebook

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Facebook investors are suing the company as the Cambridge Analytica scandal continues to unfold.

The scandal has caused the social media network's value to fall nearly $50 billion this week.

The lawsuit claims Facebook "made materially false and misleading statements" about the company's policies.

"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 states.

Facebook is facing scrutiny after a report surfaced that data firm Cambridge Analytica purchased the private data from of 50 million Facebook users from a U.K. researcher.

Read more from CNNTech.


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