The lawsuit filed by Amalgamated Bank in 2018 alleges that *Facebook did not fully disclose data about a hack that affected more than 30 million users and was linked to British political consulting firm Cambridge Analytica. The plaintiffs allege the company violated the U.S. Securities Exchange Act of 1934 by withholding information about a breach that could have affected stock prices.
*Facebook argues that its risk disclosures are forward-looking and that the company is not required to disclose that “the risk has already occurred.”
In the lawsuit, compensation for the loss of share value is requested.
*Belongs to Meta, who is recognized as an extremist and banned in the Russian Federation
Source: Ferra
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