Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed against Facebook, Inc.

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NEW YORK, October 27, 2021 / PRNewswire / – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who have purchased or acquired the securities of Facebook, Inc. (“Facebook” or the “Company”) (NASDAQ: FB) of November 3, 2016 through October 4, 2021 (the “Recourse Period”). The lawsuit filed in United States District Court of the Eastern District of new York alleges violations of the Securities Exchange Act of 1934.

Bernstein Liebhard srl. (PRNewsFoto / Bernstein Liebhard LLP) (PRNewsfoto / Bernstein Liebhard LLP)

If you purchased Facebook titles and / or would like to discuss your legal rights and options please visit Class action by the shareholders of Facebook Inc. or contact Rujul patel free of charge at (877) 779-1414 Where [email protected]

According to the complaint, Facebook made materially false and misleading statements and failed to disclose that: (1) Facebook has distorted the growth of its users; (2) Facebook knew, or should have known, that duplicate accounts accounted for a larger portion of its growth than reported, and it should have provided more detailed information on the duplicate account implication for the database. users and the growth of Facebook; (3) Facebook failed to provide a fair platform for speech and regularly protected high profile users through its Cross Check / XCheck system; (4) despite being aware of their use of Facebook’s platforms, the Company has failed to respond meaningfully to drug cartels, human traffickers and violent organizations; and (5) Facebook has worked to attract tweens to its platform and services.

At September 13, 2021, during trading hours, the Wall Street Journal (“WSJ”) ran an article titled “Facebook Says Its Rules Apply To Everyone.” Society documents reveal a secret elite that is exempt ”. This would be the first of nine papers published by the WSJ based on material provided by a then unknown whistleblower (the “whistleblower”). On this news, Facebook shares fell by $ 5.17 close at $ 376.51 to September 13, 2021.

At September 28, 2021, during market hours, the WSJ ran an article titled “Facebook’s Effort to Attract Preteens Goes Beyond Instagram Kids, Documents Show”. On this news, Facebook stock prices fell $ 7.32 close at $ 340.65 to September 28, 2021.

At October 3, 2021, CBS News aired a television segment on 60 Minutes interviewing the whistleblower, who turned out to be Francoise Haugen, on his discoveries during his visit to Facebook. At October 4, 2021, CBS News ran an article titled “Whistleblower’s SEC Complaint: Facebook Knew Platform Was Used to ‘Promote Human Trafficking and Domestic Servitude’,” which contained whistleblower complaints against Facebook filed with the SEC. There were eight complaints shared in the CBS article. Following the October 3 and 4 revelations, Facebook’s share price fell $ 16.78 per share, or approximately 4.9%, since closing at $ 343.01 to October 1, 2021, on the previous trading day, to close at $ 326.23 to October 4, 2021.

If you wish to act as the principal applicant, you must apply to the Court at the latest December 27, 2021. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation. Your ability to participate in any recovery does not require you to serve as the principal applicant. If you choose not to take any action, you can remain an absent member of the group.

If you purchased Facebook titles and / or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/facebookinc-fb-shareholder-class-action-lawsuit-fraud-stock-449/ or contact Rujul patel free of charge at (877) 779-1414 Where [email protected]

Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its customers. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and take legal action on their behalf. Due to its success in litigating hundreds of lawsuits and class actions, the firm has been named thirteen times on the National Law Journal’s Plaintiff List and listed in The Legal 500 for ten consecutive years.

LAWYER ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this announcement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this announcement in the State of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to any future matter.

Contact details:
Rujul patel
Bernstein Liebhard srl
https://www.bernlieb.com
(877) 779-1414
[email protected]

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