Plaintiff's law firm issued a press release on July 27, 2018, announcing the filing of the class action lawsuit. According to the press release, the Complaint alleges that Facebook knew that the user base for its social media platform—Facebook's main revenue source—would diminish after it implemented new procedures necessary to comply with GDPR, a landmark data privacy legislation adopted by the European Union. Despite this knowledge, Facebook knowingly made materially false and misleading statements regarding Facebook's business and operations, causing catastrophic loss to its shareholders.
Facebook, Inc. Securities Litigation (2018)
Jul 31, 2018 | Facebook, Inc. NASDAQ: FB | Case Status: Filed
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First Identified Complaint
Fern Helms, et al. v. Facebook, Inc., et al.
First Identified Complaint Filings
|#||Document Title||Filing Date|
|1||Class Action Complaint||July 27th, 2018|
|2||U.S. District Court Civil Docket||July 30th, 2018|