CPM Investigating Facebook on Behalf of Shareholders After Report Reveals More Than 50 Million Users' Personal Data Had Been Collected
CPM is investigating claims on behalf of investors of Facebook, Inc. and whether Facebook and certain officers and/or directors breached their fiduciary duties or committed unlawful business practices.
On March 17, 2018, The New York Times and the Guardian reported that Cambridge Analytica used personal information of approximately 50 million users from early 2014 to build a system that could profile US voters and then target those individuals with personalized advertisements. A Facebook statement shows that by 2015, the company had found out that their Platform Policies had been violated but did not inform the millions of users and only took limited steps recover and secure the private information of the individual users. Facebook shares fell sharply on March 19, 2018 following the news of the data breach.