Press release
Lawsuit filed for Investors in Facebook, Inc (NASDAQ: FB) over alleged Securities Laws Violations by Meta Platforms, Inc.
A lawsuit was filed on behalf of investors in Meta Platforms, Inc. (NASDAQ: FB) shares over alleged securities laws violations.
Investors who purchased shares of Meta Platforms, Inc. (NASDAQ: FB) have certain options and for certain investors are short and strict deadlines running. Deadline: December 27, 2021. NASDAQ: FB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 13, 2021, during trading hours, the Wall Street Journal published an article titled "Facebook Says Its Rules Apply to All. Company Documents Reveal a Secret Elite That's Exempt." It would be the first of nine articles published by the Wall Street Journal based on documents provided by a then-unknown whistleblower (the "Whistleblower").
On September 28, 2021, during market hours, the Wall Street Journal published an article titled, "Facebook's Effort to Attract Preteens Goes Beyond Instagram Kids, Documents Show." Citing internal Facebook documents, the article reported, in part, that Facebook "formed a team to study preteens, set a three-year goal to create more products for them and commissioned strategy papers about the long-term business opportunities presented by these potential users."
On October 3, 2021, CBS News aired a television segment on 60 Minutes interviewing the Whistleblower, revealed to be Frances Haugen, on her findings during her time at Facebook.
On October 4, 2021, CBS News published an article titled, "Whistleblower's SEC Complaint: Facebook Knew Platform Was Used to 'Promote Human Trafficking and Domestic Servitude'", containing the whistleblower complaints against Facebook filed with the SEC. There were eight complaints shared in the CBS article.
Shares of Meta Platforms, Inc. (NASDAQ: FB) declined from $383.79 per share on September 10, 2021, to $308.11 per share on October 28, 2021.
The plaintiff claims that between November 3, 2016 and October 4, 2021, the defendants made false and/or misleading statements and/or failed to disclose, that Facebook misrepresented its user growth, that Facebook knew, or should have known, that duplicate accounts represented a greater portion of its growth than stated, and it should have provided more detailed disclosures as to the implication of duplicate accounts to Facebook’s user base and growth, that Facebook did not provide a fair platform for speech, and regularly protected high profile users via its Cross Check/XCheck system, that despite being aware of their use of Facebook’s platforms, the Company failed to respond meaningfully to drug cartels, human traffickers, and violent organizations, that Facebook has been working to attract preteens to its platform and services, and that as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Those who purchased shares of Meta Platforms, Inc. (NASDAQ: FB) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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