NEW YORK, Dec. 13, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Facebook, Inc. ("Facebook" or the "Company") (NASDAQ: FB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Facebook and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 13, 2021, during trading hours, The Wall Street Journal ("WSJ") published an article entitled "Facebook Says Its Rules Apply to All. Company Documents Reveal a Secret Elite That's Exempt." It would be the first of nine articles published by the WSJ based on documents provided by a then-unknown whistleblower (the "Whistleblower").
Following publication of the article, Facebook's stock price fell $5.17 per share to close at $376.51 per share on September 13, 2021.
Then, on September 28, 2021, during market hours, the WSJ published an article entitled "Facebook's Effort to Attract Preteens Goes Beyond Instagram Kids, Documents Show." Citing internal Facebook documents, the article reported, in part, that Facebook "formed a team to study preteens, set a three-year goal to create more products for them and commissioned strategy papers about the long-term business opportunities presented by these potential users."
On this news, Facebook's stock price fell $7.34 per share to close at $340.65 per share on September 28, 2021.
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