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Civil case

Securities and Exchange Commission v. Facebook, Inc.

Authority: US Securities and Exchange Commission
Case number: Not published
Filed or opened: 24 July 2019
Organization: Meta Platforms, Inc.
Current stage: Settled without admitting or denying, with consent to the entry of a final judgment^S4.
Outcome: Settled.

Decisions and steps

24 July 2019Settlement with US$100 million penalty and injunction announced^S4

Claims this case bears on

Partly supported80
The SEC said in July 2019 that Facebook misled investors by presenting the risk of misuse of user data as hypothetical after it had learned of actual misuse.
Regulator statement, 24 July 20193 records citedDisclosure
Partly supported76
Facebook said on 17 March 2018 that the claim that the Cambridge Analytica matter was a data breach was completely false.
Company statement, 17 March 20183 records citedDisclosure

Sources

S4Tier A Facebook to Pay $100 Million for Misleading Investors About the Risks It Faced From Misuse of User DataUS Securities and Exchange Commission. Regulator press release. 24 July 2019.Supports the SEC charges and settlement. Facebook did not admit or deny.