Meta and three of its senior officers, represented by Latham & Watkins, have achieved a significant legal victory by securing the dismissal of a stock-drop securities class action in a California federal court. The lawsuit accused Meta of failing to inform investors about the adverse impact of Apple’s new privacy controls on its advertising business, which culminated in an extraordinary revenue decline and the biggest one-day loss for a company in U.S. stock market history on February 3, 2022.
U.S. District Judge Yvonne Gonzalez Rogers issued an order granting Meta’s motion to dismiss the case with prejudice in the U.S. District Court for the Northern District of California on September 17. Representing Meta were Latham partners Andrew Clubok, Susan Engel, Melanie Blunschi, and associates Nicholas Rosellini and Elizabeth Cheng. For further details, visit the original article.