LOS ANGELES, CA / ACCESSWIRE / February 20, 2017 / Lundin Law PC, a shareholder rights firm announces a class action lawsuit against Facebook, Inc. ("Facebook" or the "Company") (NASDAQ: FB). Investors, who purchased or otherwise acquired shares between April 1, 2015 and November 16, 2016 inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the January 23, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Complaint, Facebook introduced advertising and content "metrics," designed to help advertisers assess results for paid advertising purchases and to "better understand how people respond to (their) videos on Facebook," by measuring the success of Facebook advertisements and campaigns. Facebook revealed its new advertising assessment as an important tool to weigh engagement with paid campaigns and advertisements. Facebook does not use a third-party to independently determine the accuracy of information and new metric tools.
On April 1, 2015, Facebook found problems with the marketing and content metrics, but did not release this information to the public and did not release these errors in its SEC filings. The company still sold a significant amount of Facebook shares for profit, under this information. Facebook had stated that it found problems in its video advertising metric, that it had falsified its average viewing time tool, understated its significance, gave conflicting releases about the error, and did not reveal other information about the problems. Facebook failed to inform investors of the effect the errors would have on future ad revenue. After announcing an expected reduction in ad revenue and capital expenditures, the value of Facebook stock dropped, causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE: Lundin Law PC