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Meta, Facebook Stock Price Class Action Lawsuit Overview:
- Who: Barry G. Depot lodged a class action lawsuit against Meta Platforms, Inc. and four of the company’s senior executives.
- Why: Depot claims Meta—formerly known as Facebook—injured investors by concealing its questionable inner workings.
- Where: The class action lawsuit is pending in California federal court.
Meta Platforms, Inc.—formerly known as Facebook—injured investors by concealing its dependence on “toxic content and inauthentic accounts to drive revenues,” a new class action lawsuit alleges.
Lead plaintiff Barry G. Depot claims Meta repeatedly failed to disclose material adverse facts of its business, and falsely stated it was committed to curbing the spread of damaging information and criminal activity on Facebook and other social media platforms.
Depot wants to represent a nationwide Class of investors who purchased or otherwise acquired the company’s common stock between April 29, 2021 and October 21, 2021.
Facebook Stock Price Drops After Whistleblower Revelations, Says Class Action
Depot argues Facebook stock price dropped on multiple occasions after a series of disclosures about the inner-workings of the company from a former employee turned whistleblower led to a five-part article series from the Wall Street Journal in September.
Facebook stock also dropped after The New York Times reported on Sept. 21 that CEO Mark Zuckerberg had signed off on an initiative to “show people positive stories about the (Company),” according to the class action lawsuit.
Depot claims Meta violated several sections of the Securities Exchange Act of 1934. He is demanding a jury trial and requesting compensatory damages and equitable relief for himself and all Class Members.
A similar class action lawsuit was filed against Facebook and Zuckerberg last month by an investor who claims they harmed investors by making misleading statements about the company and filing misleading annual financial reports.
Earlier this month, Ohio Attorney General David Yost filed a lawsuit against Facebook on behalf of the Ohio Public Employees Retirement System, arguing the company knowingly exploited children to increase its revenues.
Are you Meta investor? Did you lose money on Facebook stock? Let us know in the comments!
The plaintiff is represented by Jennifer L. Joost, Naumon A. Amjed, Darren J. Check, Ryan T. Degnan, and Karissa J. Sauder of Kessler Topaz Meltzer & Check, LLP.
The Meta, Facebook Stock Price Class Action Lawsuit is Depot v. Meta Platforms, Inc., et al., Case No. 4:21-cv-08873, in the U.S. District Court for the Northern District of California.
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21 thoughts onMeta Concealed Its Harmful Inner-Workings of Facebook, Falsely Touted Commitment To Good, Says Class Action
I bought stock please add me. I definitely qualify for this settlement!!