Facebook Investors Sue Facebook over Illegal Voter-Profile Harvesting

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Facebook investors sued Facebook and blamed the social media giant's failure to safeguard privacy for a stock slump that followed the revelation that users' data were harvested without their  permission by a research firm connected to President Trump.



The world's largest social media network was sued in San Francisco federal court by shareholders who said that they suffered losses after the disclosure that Cambridge Analytica, a British company that aided Trump, improperly and illegally obtained profile information on 50 million Facebook users.


The proposed class action would represent people who bought Facebook shares from Feb. 3, 2017, when Facebook filed its annual report and cited security breaches and improper access to user data, through March 19 of this year, two days after a New York Times report revealed how data from Cambridge Analytica obtained through Facebook were used without "proper disclosures or permission."


Throughout that period, "defendants made false or misleading statements and failed to disclose that Facebook violated its own data privacy policies by allowing third parties access to personal data of millions of Facebook users without their consent," the complaint alleges.