INVESTOR ALERT: Kaplan Fox Announces Investigation Of Facebook Inc.

NEW YORK, March 19, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating Facebook Inc. ("Facebook" or the "Company") (NASDAQ: FB) concerning potential securities law violations.  Investors who purchased Facebook securities may be affected.

On Friday, March 16, 2018, Facebook announced that it had suspended the account of Strategic Communication Laboratories and its political data analytics firm Cambridge Analytica – which used Facebook data to target voters for President Donald Trump's campaign in the 2016 election.  Facebook further explained that the suspension was the result of a violation of its platform policies. 

In the March 16, 2018 Facebook post explaining the suspension, the Company admitted that it knew back in 2015 that Cambridge Analytica had wrongfully obtained Facebook user information without approval from Facebook through work the company did with a University of Cambridge psychology professor named Dr. Alexsandr Kogan ("Kogan"). Kogan then passed along the information to Strategic Communication Laboratories/Cambridge Analytica, which Facebook says violated its platform policies. 

Although Facebook admits that it first identified the violation in 2015 and took action by demanding that Kogan, Strategic Communication Laboratories/Cambridge Analytica, as well as Christopher Wylie of Eunoia Technologies who also received the information, destroy the data, reportedly users were never informed of the violation. Additionally, Facebook says it has received reports in the past few days that not all of the information was destroyed.

On Monday, March 19, 2018, the first trading day following the news, Facebook's shares significantly declined by over $13, or more than 7%, in midday trading to approximately $172 per share.

If you are an investor in Facebook and would like to discuss our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.

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

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

View original content:http://www.prnewswire.com/news-releases/investor-alert-kaplan-fox-announces-investigation-of-facebook-inc-300616115.html

SOURCE Kaplan Fox & Kilsheimer LLP