The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Facebook, Inc. for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between November 3, 2016, and October 4, 2021, inclusive (the ”Class Period”), are encouraged to contact the firm before December 27, 2021.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Facebook misled the market regarding its user growth. The Company knew or should have known that duplicate accounts represented a considerable portion of its purported growth and failed to disclose the implications of duplicate accounts on its business and revenue growth. The Company failed to maintain a fair platform for all users, including protecting high-profile users with the “Cross Check/XCheck” system. The Company failed to take effective action against bad actors on its platform such as drug cartels, human traffickers, and violent criminals. Based on these facts, the Company’s public statements were false and materially misleading. When the market learned the truth about Facebook, investors suffered damages.
The Schall Law Firm
Brian Schall, Esq.,