RADNOR, Pa., July 27, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Facebook, Inc. (NASDAQ: FB ) (“Facebook” or the “Company”) on behalf of purchasers of the Company’s securities between April 26, 2018 and July 25, 2018 , inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Facebook’s securities during the Class Period may, no later than September 25, 2018 , seek to be appointed as a lead plaintiff representative of the class. Facebook investors who have suffered investment losses in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 and/or submit their information to the firm online at http://kaskelalaw.com/case/facebook/ .
On July 25, 2018, Facebook announced its financial and operating results for the second quarter of 2018, including revenue and user numbers that fell short of market expectations. During a subsequent conference call, Facebook’s Chief Financial Officer reported that the Company “expect[s] currency to be a slight headwind in the second half versus the tailwinds we have experienced over the last several quarters,” and that the Company “plan[s] to grow and promote certain engaging experiences like Stories that currently have lower levels of monetization.”
Following these disclosures, shares of Facebook’s stock declined $41.24 per share, or 19%, to close at $176.26 on July 26, 2018.
The shareholder class action complaint alleges that Facebook and certain other defendants made a series of false and misleading statements during the Class Period and failed to disclose material adverse facts to investors about the Company’s business, operations and prospects. Among other things, the defendants failed to disclose that: (i) the number of daily and monthly active Facebook users was declining; and (ii) due to unfavorable currency conditions and plans to promote and grow features of Facebook's social media platform with historically lower levels of monetization, such as Stories, Facebook anticipated its revenue growth to slow and its operating margins to fall. The complaint further alleges that, as a result of the foregoing, investors purchased Facebook’s securities at artificially inflated prices during the Class Period and suffered significant investment losses following the defendants’ disclosures.
Facebook investors who have suffered investment losses in excess of $100,000 are encouraged to contact Kaskela Law LLC and/or submit their information online at http://kaskelalaw.com/case/facebook/ . Kaskela Law LLC exclusively represents stockholders in state and federal actions throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com .
CONTACT:
KASKELA LAW LLC D. Seamus Kaskela, Esq. 201 King of Prussia Road Suite 650 Radnor, PA 19087 (484) 258 – 1585 (888) 715 – 1740 skaskela@kaskelalaw.com www.kaskelalaw.com
