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Facebook, Inc.


A securities class action has been filed against Facebook, Inc. (FB) on behalf of all persons and entities who purchased the publicly traded securities of Facebook between November 3, 2016 through October 4, 2021.  This case has been filed in the USDC – E.D.N.Y.

The Complaint alleges that the defendants made materially false and/or misleading statements because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Facebook misrepresented its user growth; (2) Facebook knew, or should have known, that duplicate accounts represented a greater portion of its growth than stated, and it should have provided more detailed disclosures as to the implication of duplicate accounts to Facebook’s user base and growth; (3) Facebook did not provide a fair platform for speech, and regularly protected high profile users via its Cross Check/XCheck system; (4) despite being aware of their use of Facebook’s platforms, the Company failed to respond meaningfully to drug cartels, human traffickers, and violent organizations; (5) Facebook has been working to attract preteens to its platform and services; and (6) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

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Securities