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July 24, 2019

Posted  July 24, 2019

Facebook Inc. has agreed to pay a $100 million SEC penalty to resolve charges that its public disclosures omitted material information about a third party’s misuse of Facebook user data.  Facebook’s disclosures presented the risk of misuse of user data as hypothetical when Facebook knew in 2015 that, in fact, Cambridge Analytica and a researcher had collected and transferred data on approximately 30 million Americans.  Furthermore, when media investigations of Cambridge Analytical began, Facebook misleadingly stated that it had discovered no evidence of wrongdoing by Cambridge Analytica.  SEC

Tagged in: Cybersecurity and Data Breaches, Financial and Investment Fraud, Misrepresentations, Securities Fraud,