NEW YORK, Sept. 7, 2018 /PRNewswire/ -- Pursuant to an order issued by the United States District Court for the Southern District of New York, Bernstein Litowitz Berger & Grossmann LLP ("BLB&G"), on behalf of the Public Employees' Retirement System of Mississippi ("Mississippi"), and Robbins Geller Rudman & Dowd LLP ("RGR&D"), on behalf of Amalgamated Bank, as Trustee for the LV LargeCap 1000 Growth Index Fund, LongView Quantitative LargeCap Fund, and LongView Quant LargeCap Equity VEBA Fund ("Amalgamated," and together with Mississippi, "Lead Plaintiff"), the Court-appointed Lead Plaintiff in the consolidated securities class action against Facebook, Inc. ("Facebook" or the "Company") (FB) and certain of its senior executives, publish this notice to clarify that the deadline to seek appointment as lead plaintiff in the securities class action against Facebook has expired.
This clarification corrects information in notices previously published by the law firms Pomerantz LLP and Pierce Bainbridge Beck Price & Hecht LLP on July 27, 2018. In particular, the notice published by Pomerantz LLP stated that there was a September 25, 2018 deadline to seek appointment as lead plaintiff (the "July 27, 2018 Notice"). Pursuant to an order issued by the Honorable Richard J. Sullivan of the United States District Court for the Southern District of New York, those notices are now vacated and the deadline for any motions seeking appointment as lead plaintiff in the related securities class actions on behalf of Facebook investors expired on May 21, 2018. Therefore, any motions seeking appointment as lead plaintiff filed after the May 21, 2018 statutory deadline, including any motions filed in response to the July 27, 2018 Notice, will be deemed untimely and will not be considered.
The securities class action against Facebook alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder. Specifically, the action alleges that Facebook and certain of its senior executives misled investors regarding the effect of the Company's data protection practices, policies, and compliance efforts on its business and financial results. The action alleges that the truth first began to be revealed in March 2018 when newspapers and other media outlets reported that Facebook had breached its own privacy and data protection policies, including by allowing a political strategy firm, Cambridge Analytica, to misappropriate and misuse the data of 50 million—later revised to 87 million—Facebook users between 2013 and 2015. The action alleges that these reports triggered government investigations into the Company's misconduct and led to declines in the price of Facebook's stock amid concerns that Facebook's misuse of user data could dramatically impact Facebook's user numbers and business. Lead Plaintiff in the action further plans to allege that on July 25, 2018, Facebook issued its financial results for the second quarter of 2018, and revealed additional facts concerning the Company's privacy and data compliance practices and the impact of this misconduct on the Company's business, which the action will allege triggered additional significant declines in Facebook's share price.
The consolidated securities class action arising out of these allegations, In re Facebook, Inc. Securities Litigation, No. 5:18-cv-01725-EJD (N.D. Cal.), is pending before the Honorable Edward J. Davila in the United States District Court for the Northern District of California. Two related actions, Kacouris v. Facebook, Inc., No. 1:18-cv-06765 (S.D.N.Y.) ("Kacouris") and Helms v. Facebook, Inc., No. 1:18-cv-06774 (S.D.N.Y.) ("Helms"), were filed in the United States District Court for the Southern District of New York. Pursuant to the order issued by Judge Sullivan, Kacouris and Helms are being transferred to the Northern District of California, and the parties expect that, upon transfer, Kacouris and Helms will be promptly consolidated under In re Facebook, Inc., Securities Litigation, No. 5:18-cv-01725-EJD (N.D. Cal.) pending before Judge Davila.
Additional information concerning the Facebook securities class action is available on the federal court dockets cited above. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, you may contact co-Lead Counsel Bernstein Litowitz Berger & Grossmann LLP or Robbins Geller Rudman & Dowd LLP using the information provided below.
John C. Browne
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, New York 10020
Dennis J. Herman
Robbins Geller Rudman & Dowd LLP
One Montgomery Street
San Francisco, California 94104
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