SAN FRANCISCO, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Meta Platforms, Inc. f/k/a Facebook, Inc. (NASDAQ: FB) investors who purchased or otherwise acquired shares and who have significant losses to submit your losses now.
Class Period: Nov. 3, 2016 – Oct. 21, 2021
Lead Plaintiff Deadline: Dec. 27, 2021
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Facebook, Inc. (FB) Securities Fraud Class Action:
The Complaint alleges that Facebook: (1) misrepresented its user growth, (2) failed to disclose that duplicate accounts represented a greater percentage of growth than stated, (3) concealed that it failed to provide a platform for fair speech and regularly protected high profile users, (4) did not meaningfully respond to drug cartels, human traffickers, and violent organizations despite knowing about their use of the company’s platforms, and (5) has prioritized commercial interests over safety by working to attract preteens to its platform and services.
A series of financial reporting shed light on Facebook’s concealed business practices.
For example, on Sept. 13, 2021 the WSJ reported that the company built a system known as “cross check” or “XCheck,” that has exempted high-profile users from some or all of its rules.”
Then, on Sept. 28, 2021, WSJ reported Facebook built a team to target preteens and commissioned strategy papers about the long-term business opportunities presented by these users.
Later, on Oct. 3,...
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