According to a proposed class action lawsuit, Facebook parent company Meta was accused of lying to investors that the impact of privacy adjustments to Apple's iOS system was "manageable" in order to appease investors, but then said in February that these adjustments are expected to cause the company to lose $10 billion in advertising revenue this year.
In a securities lawsuit filed in federal court in San Francisco on Tuesday, plumbers and steamfitters local 60 Pension Trust said Meta executives failed to notify shareholders on last year's earnings call that the company's efforts to offset any financial shock from Apple's privacy adjustments had not worked.
"Instead of being transparent to investors, the defendant paints a false and misleading picture of Meta taking mitigating measures to offset the impact of iOS privacy changes and rebuilding advertising business models." The trust said. Meta has not yet commented. (Author/Zhenyu)
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