The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Facebook, Inc. (NASDAQ: FB) who purchased shares between November 3, 2016 and October 4, 2021. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Facebook lawsuit alleges that (1) Facebook misrepresented its user growth; (2) Facebook knew, or should have known, that duplicate accounts represented a greater portion of its growth than stated, and it should have provided more detailed disclosures as to the implication of duplicate accounts to Facebook’s user base and growth; (3) Facebook did not provide a fair platform for speech, and regularly protected high profile users via its Cross Check/XCheck system; (4) despite being aware of their use of Facebook’s platforms, the Company failed to respond meaningfully to drug cartels, human traffickers, and violent organizations; (5) Facebook has been working to attract preteens to its platform and services; and (6) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Shareholders have until December 27, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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