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Will Meta's stock price increase within one week of the Supreme Court decision?
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US Supreme Court to Review Meta's Multibillion-Dollar Investor Lawsuit Over Cambridge Analytica Data-Harvesting Scandal
Jun 10, 2024, 01:52 PM
The US Supreme Court has agreed to review a multibillion-dollar private securities fraud shareholder lawsuit against Meta, the parent company of Facebook. The lawsuit accuses Meta of misleading investors about the misuse of user data in a scandal involving political consulting firm Cambridge Analytica. The case, which dates back to 2017 and 2018, alleges that Facebook failed to disclose the extent of data harvesting, presenting the risk as hypothetical rather than actual, starting from 2015. Meta is seeking to have the lawsuit dismissed, arguing that it did not mislead its investors. The Supreme Court's order list included this case.
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