LOS ANGELES--(EON: Enhanced Online News)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Facebook, Inc. (“Facebook” or the “Company”) (Nasdaq: FB). Investors who purchased or otherwise acquired Facebook shares between April 1, 2015 and November 16, 2016 inclusive (the “Class Period”), are encouraged to contact the firm in advance of the January 23, 2017 lead plaintiff motion deadline.
“better understand how people respond to (their) videos on Facebook”
If you are a shareholder who suffered a loss during the Class Period, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint states that Facebook introduced its new marketing and content “metrics,” designed to help advertisers gauge results for paid advertising purchases and to “better understand how people respond to (their) videos on Facebook,” by assessing the performance of their Facebook advertisements and campaigns. Facebook publicized its new advertising analysis as an indispensable tool to measure the engagement with the paid campaigns and advertisements. Facebook still did not have any third-party independently overlooking or determining the accuracy of the information and new metric tools.
Around April 1, 2015, Facebook discovered problems with the marketing and content metrics, but did not release this information to the public and did not release these errors in its SEC filings. Knowing this, the defendants sold a significant amount of Facebook shares for profit. Facebook openly stated that it found problems in its video advertising metric, that it had exaggerated its average viewing time tool, understated its significance, gave differing information about the error, and failed to reveal other information about the problems. Facebook did not inform investors of the significant effect the errors would have on future ad revenue. After announcing an anticipating reduction in ad revenue and capital expenditures, the value of Facebook stock dropped, causing investors severe harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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