RADNOR, Pa .– (COMMERCIAL THREAD) – Law firm Kessler Topaz Meltzer & Check, LLP advises investors that the firm has filed a securities class action lawsuit against Meta Platforms, Inc. f / k / a Facebook, Inc. (“Facebook”) ( NASDAQ: FB) on behalf of investors who purchased or acquired common shares of Facebook between April 29, 2021 and October 21, 2021 inclusive (the “Class Period”). This action, subtitled Barry G. Depot v Meta Platforms, Inc. f / k / a Facebook, Inc., et al., case n ° 4: 21-cv-08873 (the “Deposit Action ”), was filed in the United States District Court for the Northern District of California.
Another related class action lawsuit is pending against Facebook in the United States District Court for the Eastern District of New York. This first filed action issued a notice of filing under federal securities laws, which triggered the December 27, 2021 deadline for Facebook investors to seek to be named principal plaintiff representing the group. The filing of the Deposit action do not change the deadline of December 27, 2021 for the principal applicant.
CLICK HERE TO SUBMIT YOUR FACEBOOK LOSSES
PRINCIPAL COMPLAINANT DEADLINE: December 27, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or by email at [email protected]
Facebook, headquartered in Menlo Park, California, is one of the largest technology companies in the world and operates through two business segments: (1) “Application Family”, which includes its Facebook platforms, Instagram, Messenger and WhatsApp; and (2) “Reality Labs”, which includes hardware, software and consumer content related to augmented and virtual reality. On October 28, 2021, Facebook announced that it had changed its name from “Facebook, Inc.” to “Meta Platforms, Inc.”
The Recourse Period begins on April 29, 2021, when Facebook filed its Quarterly Report for the first quarter of 2021 on a Form 10-Q. Form 10-Q read, “In response to the COVID-19 pandemic, we have focused on helping people stay connected, helping the public health response, and working towards economic recovery. We also continued to invest based on the following corporate priorities:. . . progress on the major challenges of the Internet society[;] . . . build new experiences that significantly improve people’s lives today[;] . . . [and] communicate more transparently about what we do and the role our services play in the world.
Subsequently, and throughout the Class Period, Facebook continued to tout its commitment and ability to prevent the spread of harmful misinformation, criminal activity and other harmful content on its social media platforms. .
Investors began to uncover the truth about the defendants’ false and / or misleading statements on September 13, 2021, when The Wall Street Journal began publishing “The Facebook Files”, a series of articles based on documents provided to The Wall Street Journal and the United States Securities and Exchange Commission by Frances Haugen, a former Facebook employee. The Facebook files revealed that, among other things, Facebook: (1) exempts notable users such as celebrities and politicians from its normal enforcement rules preventing users from engaging in harmful speech and inducing its own supervisory board in error about this practice; (2) has long known that its Instagram platform harms teenage users, including negatively affecting their body image and increasing anxiety, depression, and suicidal thoughts; (3) made changes to its algorithm, resulting in angrier and more confrontational content, and Facebook refused to fix this in order to prioritize increased user engagement; (4) policymakers have ignored warnings that its platforms are being used to incite violence against ethnic minorities, lure vulnerable women into situations of violence and recruit hired killers, among other criminal behavior; and (5) executives, including CEO Mark Zuckerberg, have been unable to stop company platforms from actively undermining efforts to immunize people against COVID-19.
Following this news, Facebook’s common stock price fell $ 13.97 per share, or nearly 4% over five trading days, from a close of $ 378.69 per share on September 10, 2021 to $ 364.72 per share on September 17, 2021.
Afterwards, the truth was slowly revealed in a few more reports. Finally, after the market close on October 21, 2021, The Wall Street Journal reported that, based on internal company documents, Facebook “has difficulty detecting and handling multiple account creation by users.” According to these documents, “the phenomenon of single users with multiple accounts [is] “very prevalent” among new accounts “with” a review of about 5,000 recent registrations on the service indicates[ing] that at least 32% and up to 56% were opened by existing users. ”
As a result of this news, Facebook’s common stock price fell $ 17.27 per share, or about 5%, from a close of $ 341.88 per share on October 21, 2021 to $ 324.61. per share on October 22, 2021.
The Deposit The action alleges that, throughout the litigation period, the defendants repeatedly erroneously touted the company’s commitment and ability to prevent the spread of damaging misinformation, criminal activity and d ‘other harmful content on its social media platforms, while simultaneously disguising its reliance on toxic content and inauthentic accounts to generate income.
WHAT CAN I DO?
Facebook investors can, no later than December 27, 2021 seek to be appointed as the principal representative of the claimants of the group through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent member of the Kessler Topaz Meltzer & Check group, LLP encourages Facebook investors who have suffered losses to contact the company directly for more information.
CLICK HERE TO SUBSCRIBE TO THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the most significant financial interest and who are also suitable and typical for the proposed investor category. The lead plaintiff chooses a lawyer to represent the lead plaintiff and the class and these lawyers, if approved by the court, are the lead or class advocates. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, fault and neglect on the part of companies and trustees. In the end, we were successful if the bad guys pay and you get your holdings back.
For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.