Investors of Facebook parent Meta ask U.S. appeals court to revive Cambridge Analytica fraud case

Investors claimed that Facebook misled them in 2016 by describing data breaches as a mere ‘risk,’ when it knew that Cambridge Analytica had accessed user data

Meta Platforms Inc investors formally asked a U.S. appeals court to revive a proposed class action accusing the Facebook parent of concealing a serious privacy breach that let a political consulting firm harvest users’ personal information.

The investors said they incurred losses in July 2018 when Facebook’s share price fell after the company said user growth slowed after the magnitude of the breach became public. Circuit Judges Margaret McKeown and Jay Bybee appeared skeptical, calling those disclosures “boilerplate” and suggesting they might not be meaningful to investors.

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