Please complete this form relating to your transactions for Meta Platforms, Inc. f/k/a Facebook, Inc. (NASDAQ: FB) common stock between April 29, 2021 and October 21, 2021, both dates inclusive (the “Class Period”)
You may also contact James Maro, Esq. (484) 270-1453; or toll free at (844) 887-9500; or you may submit your information via email at firstname.lastname@example.org; or you may click here to print a PDF of this form.
Facebook investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than December 27, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
Kessler Topaz Meltzer & Check, LLP has filed a class action lawsuit on behalf of those who purchased or acquired Meta Platforms, Inc. f/k/a Facebook, Inc. (“Facebook”) (NASDAQ: FB) common stock between April 29, 2021, and October 21, 2021, inclusive (the “Class Period”). This action, captioned Barry G. Depot v. Meta Platforms, Inc. f/k/a Facebook, Inc., et al., Case No. 4:21-cv-08873-EJD (the “Depot Action”), was filed in the United States District Court for the Northern District of California.
Facebook, headquartered in Menlo Park, California, is one of the world’s largest technology companies and operates through two business segments: (1) “Family of Apps,” which includes its Facebook, Instagram, Messenger, and WhatsApp platforms; and (2) “Reality Labs,” which includes augmented and virtual reality related consumer hardware, software, and content. On October 28, 2021, Facebook announced that it had changed its name from “Facebook, Inc.,” to “Meta Platforms, Inc.”
The Class Period commences on April 29, 2021, when Facebook filed its quarterly report for the first quarter of 2021 on a Form 10-Q. The Form 10-Q stated, “In response to the COVID-19 pandemic, we have focused on helping people stay connected, assisting the public health response, and working on the economic recovery. We have also continued to invest based on the following company priorities: . . . making progress on the major social issues facing the internet[;] . . . build new experiences that meaningfully improve people’s lives today[;] . . . [and] communicate more transparently about what we’re doing and the role our services play in the world.”
Thereafter, and throughout the Class Period, Facebook continued to tout its commitment and ability to prevent the spread of damaging misinformation, criminal activity, and other harmful content on its social media platforms.
Investors began to learn the truth about the defendants’ false and/or misleading statements on September 13, 2021, when The Wall Street Journal began publishing “The Facebook Files”—a series of articles based on documents provided to The Wall Street Journal and the United States Securities and Exchange Commission by Frances Haugen, a former Facebook employee. The Facebook Files revealed that, among other things, Facebook: (1) exempts notable users such as celebrities and politicians from its normal enforcement rules preventing users from engaging in harmful speech and misled its own Oversight Board about this practice; (2) has long been aware that its Instagram platform harms teenage users, including by negatively affecting their body image and increasing anxiety, depression, and suicidal thoughts; (3) made changes to its algorithm which resulted in angrier and more divisive content, and Facebook declined to correct this problem in order to prioritize increased user engagement; (4) decision makers have ignored warnings that its platforms are used to incite violence against ethnic minorities, lure vulnerable women into abusive situations, and recruit hit men, among other criminal conduct; and (5) executives, including Chief Executive Officer Mark Zuckerberg, have been unable to prevent the company’s platforms from actively undermining efforts to vaccinate people against COVID-19.
Following this news, the price of Facebook’s common stock declined $13.97 per share, or nearly 4% across five trading days, from a close of $378.69 per share on September 10, 2021, to close at $364.72 per share on September 17, 2021.
Thereafter, the truth was slowly revealed in a couple of additional news reports. Finally, after the markets closed on October 21, 2021, The Wall Street Journal reported that, based on internal company documents, Facebook “is struggling to detect and deal with users’ creating multiple accounts.” According to these documents, “the phenomenon of single users with multiple accounts [is] ‘very prevalent’ among new accounts” with “an examination of roughly 5,000 recent sign-ups on the service indicat[ing] that at least 32% and as many as 56% were opened by existing users.”
Following this news, the price of Facebook’s common stock declined $17.27 per share, or approximately 5%, from a close of $341.88 per share on October 21, 2021, to close at $324.61 per share on October 22, 2021.
The Depot Action alleges that, throughout the Class Period, the defendants repeatedly, falsely touted the company’s commitment and ability to prevent the spread of damaging misinformation, criminal activity, and other harmful content on its social media platforms, while simultaneously concealing its dependence upon toxic content and inauthentic accounts to drive revenues.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.