Facebook told the Supreme Court on Aug. 9 that it did not violate U.S. securities regulations when it failed to publicly disclose that now-defunct political consulting firm Cambridge Analytica had misused Facebook user data.
The statement offers a preview of Facebook’s arguments in Facebook Inc. v. Amalgamated Bank, which the nation’s highest court is scheduled to hear on Nov. 6.
The Supreme Court will look at whether the U.S. Court of Appeals for the Ninth Circuit erred last year when it allowed a multibillion-dollar lawsuit by shareholders to proceed based on allegations that Facebook inflated share prices by failing to disclose on a U.S. Securities and Exchange Commission form that its users’ data had been misused.
In the new filing, Facebook said the Ninth Circuit misinterpreted the law and that “its judgment should be reversed.” The company said it did not mislead shareholders by omitting the incident involving UK-based Cambridge Analytica.
“A risk disclosure … is not false or misleading … merely because a company does not disclose whether the specified triggering event had occurred in the past or whether such an occurrence created a present risk of harm to the company,“ the brief states. ”Meta’s risk disclosures in its 2016 10-K [annual report] filing were thus not misleading merely because they omitted that Cambridge Analytica had previously misused Facebook user data.” […]
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