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Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Meta Platforms, Inc. (FB)

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Mar 15, 2022
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Glancy+Prongay+%26amp%3B+Murray+LLP (“GPM”) reminds investors of the upcoming May 9, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Meta Platforms, Inc. (“Meta” or the “Company”) (NASDAQ: FB) securities between March 2, 2021 and February 2, 2022,inclusive (the “Class Period”).

If you suffered a loss on your Meta investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com%2Fcases%2Fmeta-platforms-inc%2F. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On July 28, 2021, Meta held a conference call to discuss its second quarter 2021 financial results, during which Chief Financial Officer, David Wehner, stated that the Company “continue[s] to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates, which we expect to have a more significant impact in the third quarter compared to the second quarter.”

On this news, the Company’s stock price fell $14.96 to close at $358.32 per share on July 29, 2021.

Then, on October 25, 2021, Meta held a conference call to discuss its third quarter 2021 financial results, during which management stated that the iOS changes led to two challenges: “One is that the accuracy of our ads targeting decreased, which decreased the cost of driving outcomes for our advertisers. And the other is that measuring those outcomes became more difficult.”

On this news, the Company’s stock price fell $12.88 to close at $315.81 per share on October 26, 2021.

Then, on February 2, 2022, after the market closed, Meta announced disappointing fourth quarter 2021 financial results, including earnings per share of $3.67, below estimates of $3.84 earnings per share. The Company also expected first quarter 2022 revenue between $27 billion and $29 billion, below analysts’ expectations of $30.25 billion. During a related earnings call, the Company disclosed that Apple’s iOS privacy changes had negatively impacted Meta’s advertising business.

On this news, the Company’s stock price fell $85.24, or 26.4%, to close at $237.76 per share on February 3, 2022, thereby injuring investors.

The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Apple’s iOS privacy changes were having a material impact on Meta’s ability to provide the kind of targeted advertising that its customers wanted and, as a result, customer ad spending was dropping precipitously; (2) Meta’s mitigation efforts were either not properly implemented or ineffective; (3) measurement of ads was not accurate as mitigation efforts were failing; and (4) Meta did not have a plan in place to properly address the impact of the iOS privacy changes; and (5) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Meta securities during the Class Period, you may move the Court no later than May 9, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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