Reported about 13 hours ago
The US Supreme Court has dismissed a case regarding a securities fraud lawsuit against Meta's Facebook, which accused the company of misleading investors about a major data breach. The court, which chose not to intervene in the lower court’s ruling allowing the class action to proceed, left the decision intact without providing an explanation. Shareholders claimed Facebook violated the Securities Exchange Act by failing to disclose the risks stemming from the Cambridge Analytica scandal, which affected millions of users and led to a significant drop in stock value.
Source: YAHOO