Investors sue Facebook following data harvesting scandal

[orangecrush]

Source: CNN

Investors are suing Facebook in the wake of the Cambridge Analytica scandal, which sent the company's value plunging almost $50 billion this week.

Facebook shareholder Fan Yuan filed the lawsuit in federal court in San Francisco on Tuesday. The lawsuit was brought on behalf of an undisclosed number of investors who bought Facebook shares between February 3, 2017, and March 19, 2018.

The lawsuit said Facebook "made materially false and misleading statements" about the company's policies, and claims Facebook did not disclose that it allowed third parties to access data on millions of people without their knowledge.




"As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's common shares, Plaintiff and other Class members have suffered significant losses and damages," the lawsuit said.

Read more: http://money.cnn.com/2018/03/20/technology/business/investors-sue-facebook-cambridge-analytica/index.html

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Poop, meet fan!

Hope the White House has a lot of raincoats!

[trueblue2007]

1. can WE sue if facebook stole our information??

[BigmanPigman]

12. This American professor is suing CA in England.

https://www.cnn.com/2018/03/17/politics/professor-lawsuit-cambridge-analytica/index.html
Maybe others can too.

[DoctorJoJo]

14. Actually, There Is a Fine for Their Unauthorized Use of Our Data

I think it is $400 per incident, or $2B for the 50 million users. Not chump change! But it probably goes to the Trump reelection campaign!

[Silver1]

2. Wait, what?

Gamillionairres loosing gamillions in gastocks?

I really feel for them.

[backtoblue]

4. Right!

Why the hell should their investors get retribution?
The American people were the ones harmed.

[Silver1]

5. Yes, we should get retribution!

But, unlikely. Hell, I'd settle for one good voice to speak out for us.

Although, this entire thing is unprecedented. Who know's what will happen. The gamillionaires may not let this thing go too easily, in which case we'll all get $1.00. Those of us lucky enough to have had a FB account, that is [insert sarcasm]. They'll get more.

[backtoblue]

6. .

They'll give us all ten dollars, provided that we fill out an extensive questionaire, including DNA test and a "free" phone that sucks the brain waves through it in order to "provide better communications"

[Silver1]

7. Hahaha!

Very funny.

Hey, are you cueing for a job or something?

[backtoblue]

9. Bear with me

What does "cueing for a job" mean? I recently came back to the Internet so I'm really rusty lol

[Silver1]

10. Sorry ...

I guess it's an odd expression. From billiards and pool, to position the cue ball so it will sink the shot.

What you said sounded so convincing, I joked you were looking cueing for a job at FB. It was funny!

[backtoblue]

11. Oh!

I get it!

[Silver1]

8. I have a FB account.

Minimally filled out. Every couple of days they ask me to add more information, fill in the missing information, like where I live, where I went to school, who my family members are, ... Allegedly to "provide better communications" with ALL my friends. FB, they're really looking out us, aren't they.

[SunSeeker]

13. Yaaaaz. Love it.

[LovingA2andMI]

15. Can we (The Regular Gal or Guy)...

Jump in on this lawsuit? Please, pretty please...

[JohnnyRingo]

16. Is that how the stock market works?

If the stock goes up, they sell at a profit. If the stock plunges, they sue to return the investment, further tanking the business. "Past performance is not an indication of future yield."

I would have got in on Enron long ago if that's the level of risk.

[Lucky Luciano]

19. Only if a fraud is proven. Even then, only lawyers make money on these suits if they win.

Every time a stock plunges a law firm tries to sue. Not sure how often they really win or settle.

[olddad56]

17. fuck Fakebook

everyone should deactivate their accounts.

[Vinca]

18. Facebook users should sue Cambridge Analytica and put them out of business.

[DeminPennswoods]

20. The beginning of the end for Facebook

I suspect. There will be many individual lawsuits and probably at least 1 class action lawsuit. There'll be regulations on how much individual data can be "monetized" without the user's express consent, too, I'll bet. And this is just in the US. Think about how many countries Facebook operates in and what legal actions their citizens and gov'ts might take.

[orangecrush]

22. Going the,way of "Myspace"

[lanlady]

21. Zuckerberg is a POS

Punk on Steriods.