STEVENSON, Md., May 12, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Facebook, Inc. (Nasdaq: FB ) (“Facebook” or the “Company”) common shares during the period between February 3, 2017 and March 23, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 21, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Facebook common shares during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Facebook violated its own purported data privacy policies by allowing third parties to access the personal data of millions of Facebook users without the users’ consent and that discovery of the conduct would foreseeably subject the Company to heightened regulatory scrutiny.
According to the complaint, following a May 16, 2017 Reuters report that France’s Commission on Informatics and Liberty had fined Facebook €150,000 for failing to prevent its users’ data from being accessed by advertisers, a March 17, 2018 New York Times investigative report announcing that Cambridge Analytica, a firm brought on by the Trump campaign to target voters online, used the data of 50 million people obtained from Facebook without proper disclosures or permission, and a March 19, 2018 Bloomberg article announcing that the U.S. Federal Trade Commission is investigating whether Facebook violated terms of a 2011 consent decree of its handling of user data that was transferred to Cambridge Analytica without user knowledge, the value of Facebook shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Facebook common shares purchased on or after February 3, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Brower Piven, A Professional Corporation Charles J. Piven, 410-415-6616 1925 Old Valley Road Stevenson, Maryland 21153 hoffman@browerpiven.com
