Investors sue Facebook following data harvesting scandal

21 Mar 2018
POSTED BY Y Magazine

Investors are suing Facebook in the wake of the Cambridge Analytica scandal, which sent the company’s value plunging almost $50 billion this week, CNN reported on Wednesday.



According to the CNN report, Facebook shareholder Fan Yuan filed the lawsuit in federal court in San Francisco on Tuesday. The lawsuit was brought on behalf of an undisclosed number of investors who bought Facebook shares between February 3, 2017, and March 19, 2018.

The lawsuit said Facebook “made materially false and misleading statements” about the company’s policies, and claims Facebook did not disclose that it allowed third parties to access data on millions of people without their knowledge.


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