San Francisco, California--(Newsfile Corp. - March 10, 2022) - Hagens Berman urges Meta Platforms, Inc. (NASDAQ: FB) investors with over $2 million in losses to submit your losses now. A securities fraud class action has been filed and certain investors have the opportunity to lead the case.
Class Period: Mar. 2, 2021 - Feb. 2, 2022
Lead Plaintiff Deadline: May 9, 2022
Visit:www.hbsslaw.com/investor-fraud/FB
Contact An Attorney Now:FB@hbsslaw.com
844-916-0895
Meta Platforms, Inc. (FB) Securities Fraud Class Action:
The lawsuit focuses on Meta's and senior management's false assurances about the sustainability of the company's user growth, user activity tracking, and ad targeting ability in light of Apple's recently improved iOS privacy features.
Specifically, the complaint alleges that Defendants misrepresented and concealed that: (1) Apple's iOS privacy changes were having a material impact on Meta's ability to provide the kind of ad targeting that its customers wanted and, as a result, ad revenues were dropping precipitously; (2) Meta's mitigation measures were either not properly implemented or ineffective; (3) measurement of ads was not accurate as mitigation measures were failing; and, (4) Meta did not have a plan to properly address the impact of iOS privacy changes.
On Feb. 2, 2022, the true impact of Apple's iOS privacy changes became apparent when the company reported dismal Q4 2021 financial results and gave disappointing guidance for 2022. Defendants blamed the poor results and guidance on headwinds to targeted advertising revenues as a result of Apple's iOS improved privacy features. In addition, Defendants said iOS privacy headwind would negatively impact the company's 2022 revenues by $10 billion.
This news sent the price of Meta shares plummeting 26% on Feb. 3, 2022, wiping out more than $230 billion in shareholder value.
"We're focused on investors' losses and proving Meta and its management misrepresented the severe negative impacts of iOS privacy changes on the company's business," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Meta Platforms and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Meta Platforms should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FB@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116303
