NEW YORK, March 30, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Meta Platforms, Inc. f/k/a Facebook, Inc. (“Meta” or the “Company”) ( FB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Meta and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In June 2020, Apple Inc. (“Apple”) announced significant changes to the iOS operating software that runs iPhones (and iPads). These changes would essentially cut off Meta’s Facebook platform and its sister services from almost all the tracking and targeting abilities and information necessary to sell targeted ads as they had done for many years. Then, on February 2, 2022, Meta released weak Q4 2021 financial results and provided disappointing 2022 revenue guidance. During the related earnings call, the Company disclosed that its mitigation efforts in fact had not rendered the effects of the iOS changes “manageable.” Instead, Meta’s advertising business would suffer a shattering $10 billion revenue hit from the iOS privacy changes. Meta also attributed its weak results and guidance on the slowing user growth due to competition from TikTok.
Following these admissions, Meta’s stock price fell $85.24 per share, or 26.39%, to close at $237.76 per share on February 3, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980