Springfield, MO

Log in Subscribe

Investors sue Facebook

Posted online

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.


No comments on this story |
Please log in to add your comment
Editors' Pick

Open for Business: 5 Elements Esthetics and Makeup Studio LLC and Divine Therapeutic Massage LLC

Business owners and friends Kandice Alexander and Inna Oksenchuk now share space under one roof; Larry Ellison sold his half of EllisonLiggett Litigation Consultants; and Dacia LLC opened.

Most Read