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Class Action News

Levi & Korsinsky Announces Updated Class in FB Lawsuit

Levi & Korsinsky

August 6, 2018

NEW YORK, August 6, 2018 – Levi & Korsinsky announces an updated class period in a class action concerning Facebook, Inc. (NASDAQ: FB). The expanded class in the FB class action includes all shareholders who purchased shares between October 1, 2017 and July 26, 2018. To get more information about the FB Lawsuit go to: http://www.zlk.com/pslra-d/facebook-2 or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The Facebook class action alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) the implementation of the General Data Protection Regulation (“GDPR”), which was adopted by the European Union on or around April 14, 2016, would have a foreseeable and materially negative impact on use of the Platform, revenue growth, and profitability because the informed consent required by the GDPR resulted in many users rejecting Facebook’s privacy policies and/or procedures and exposed a significant number of fake accounts on the platform; (ii) by May 25, 2018, Facebook’s Platform use and revenue growth had already begun to decline as a result of Facebook’s efforts to comply with the GDPR; (iii) the decline in Facebook’s Platform use and the increase in costs as a result of complying with the GDPR had a materially adverse effect on Facebook’s financial health, including its revenue and projected growth; and (iv) as a result, Facebook’s public statements were materially false and misleading at all relevant times.

If you suffered a loss in Facebook you have until September 25, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.