Facebook sued by investor over Cambridge Analytica data scandal
https://www.cnet.com/news/investor-sues-facebook-over-cambridge-analytica-data-scandal/
The lawsuit, filed Tuesday in San Francisco federal court, accused Facebook of making false or misleading statements by failing to disclose it violated its own privacy policies by allowing Cambridge Analytica to access users' data without their consent. As a result, investors suffered financial loss due to the company's share price declining on the revelation, the complaint says (see below).
Facebook's share price has declined more than 10 percent in the first two trading days since The New York Times reported Saturday that Cambridge Analytica had harvested information from 50 million Facebook accounts without users' permission and then misused it for political ads during the 2016 US presidential election.