Supreme Court to take up Meta suit linked to Cam­bridge Ana­lyt­i­ca breach

The Supreme Court on Mon­day agreed to con­sid­er a share­hold­er law­suit that accus­es Meta Plat­forms, the com­pa­ny behind Face­book, of mis­lead­ing investors about the data har­vest­ing con­tro­ver­sy that involved polit­i­cal con­sult­ing firm Cam­bridge Ana­lyt­i­ca.
The jus­tices agreed to decide whether a fed­er­al appeals court was in the wrong to allow the law­suit to go for­ward based on alle­ga­tions that the com­pa­ny inflat­ed share prices by fail­ing to dis­close the lev­el of risk to user data. The court’s deci­sion in the case could deter­mine how much dis­clo­sure of dam­ag­ing infor­ma­tion on Secu­ri­ties and Exchange Com­mis­sion forms is ade­quate.

In this Wednes­day, June 11, 2014, pho­to, a man walks past a sign in an office on the Face­book cam­pus in Men­lo Park, Cal­i­for­nia. (AP Photo/Jeff Chiu)

Investors said the data har­vest­ing scan­dal caused two 2018 price drops that cost Meta, then Face­book, more than $200 bil­lion in mar­ket cap­i­tal­iza­tion. The 9th U.S. Cir­cuit Court of Appeal …