Meta Headquarters along 1 Hacker Way in Menlo Park, California. (Credit: Marc Olivier Le Blanc) Latham Team Scores Dismissal of Stock-Drop Securities Class Action for Meta
District Judge Yvonne Gonzalez Rogers issued an order granting Meta's motion to dismiss the case with prejudice in the U.S. District Court for the Northern District of California on Sept. 17. Meta's counsel included Latham partners Andrew Clubok, Susan Engel and Melanie Blunschi and associates Nicholas Rosellini and Elizabeth Cheng.
September 23, 2024 at 08:38 PM
4 minute read
What You Need to Know
- Investors filed a securities class action against Meta in March 2022 accusing the company of failing to warn them about a substantial hit to its revenue caused by Apple's new privacy policies.
- The company's securities fraud led to the biggest one-day loss in the history of the U.S. stock market, when Meta lost 26% of its market cap, the complaint said.
Meta and three of its senior officers, represented by Latham & Watkins, last week secured the dismissal of a stock-drop securities class action in a California federal court.
The case alleged that Meta failed to warn investors about the impact of Apple's new privacy controls on its advertising business, resulting in an astronomical revenue hit and the biggest one-day loss for a company in U.S. stock market history on Feb. 3, 2022.
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