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 May 5, 2014 and December 9, 2016. The action, which was filed in Central District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that The complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Facebook’s metrics to calculate the average time users spent watching videos was overestimated by between 60% and 80%; (2) Facebook provided inaccurate statistics to advertisers regarding the amount of activity their ads received on the Website; and (3) as a result, the Defendants’ public statements were materially false and misleading at all relevant times When the true details entered the market, the lawsuit claims that investors suffered damages.
Shareholders have until March 28, 2017 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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