US Supreme Court Allows Facebook Lawsuit to Proceed Over Securities Fraud Claims
The U.S. Supreme Court has decided not to intervene in a securities fraud lawsuit against Meta Platforms, Inc. (formerly Facebook), allowing a 2018 class action lawsuit to move forward. The case, filed by Amalgamated Bank, alleges that Facebook misled investors about the misuse of user data, contributing to a drop in its stock price.
The Supreme Court dismissed Facebook’s appeal on Friday, leaving the lower court’s ruling intact, which means the lawsuit will proceed in the lower courts. This decision marks a significant development in the ongoing legal challenges facing the social media giant related to data privacy concerns.
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