Home > News content

Meta indicted: Investors were not warned of the risks posed by Apple's privacy adjustments

via:新浪科技     time:2022/3/9 17:03:57     readed:246

Sina Technology News At noon beijing time on March 9, it was reported that according to a proposed class action lawsuit, Meta made a false guarantee to investors that the impact of privacy adjustments on Apple's new privacy policy for iOS is "controllable". The company said in February that it expected the company to lose $10 billion in advertising revenue this year as a result of those changes.

In a securities lawsuit filed in federal court in San Francisco on Tuesday, plumbers and steam plumbers and steam plumbers local 60 Pension Trust said Meta executives had not notified shareholders on last year's earnings call that the company's efforts to offset financial losses had not worked.

"Instead of being transparent to investors, the trust fund painted a false and misleading picture of Meta's mitigation efforts in response to the iOS changes and rebuilding Its advertising business model," the trust said in its complaint.

A meta spokesperson declined to comment.

Apple made some tweaks last year, requiring app makers to ask users if they agreed to be tracked. The privacy change hit Meta's Facebook business hard, which relies heavily on user data to sell targeted ads. Meta slammed Apple's change last year and warned investors that it would affect advertising revenue.

But meta only "fully disclosed" the "material headwinds" facing meta's advertising business after it released a poor Q4 earnings report, which led to an unprecedented 27 percent decline in Meta's stock the next day, the trust said.

The trust fund said in its complaint that Meta's "misconduct and negligence" caused its share price to fall "sharply", causing significant losses and injuries to shareholders.

translate engine: Bing

China IT News APP

Download China IT News APP

Please rate this news

The average score will be displayed after you score.

Post comment

Do not see clearly? Click for a new code.

User comments