Lawsuit also claims, "Congress Calls Defendant Zuckerberg To Question And Is Met With Dishonesty" regarding false or misleading answers to Congress. I've documented these concerns in threads previously but good to see claims going before a court. /20
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in testimony, Zuckerberg regularly claimed users maintain control over their data - there are several pages of examples in the lawsuit. However, NYT reported Facebook was actually whitelisting companies to still receive user data through and after his testimony. /21
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Zuckerberg and Facebook also made a big deal how they reacted quickly in Dec 11, 2015 when they found out - supposedly from press reports - what Cambridge Analytica was doing including implying they scrambled to get legal certification the data was deleted. Not so much. /22
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Another allegation in the lawsuit of misleading testimony is Zuckerberg suggesting Facebook doesn't collect data from other apps. It doesn't mince words. "The Zuckerberg testimony quoted in the immediately preceding paragraph is materially false and misleading." /23
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Lawsuit expands further with research that "61% of apps...automatically transfer data to Facebook" upon launch. Yes, that's why Facebook is freaking out about Apple's new privacy rules which kneecap Facebook's surveillance ads business (which continues to thrive on Android). /24
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The "Insider Trading" allegations relate and document the hundreds of millions to billions made by insiders who would have been aware or neglected their governance duties as documents and risks were filed with SEC making *actual* harms realized read like *hypothetical* risk. /25
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And of course, the lawsuit even catches up to reports in 2021 noting the lack of change in Facebook attitude as they treated news in April 2021 of 530 million records being exposed as an issue only if the press volume didn't continue to decline. PR also confused press on it. /26
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Final point, the lawsuit asks for this in relief but I would also note there is a lot of sealed board docs. The Attorney General of DC is also deep into discovery and depositions (hearing next Tue 9/28 @ 2:30pm) in much-related case. Someone needs to wake up the SEC, though. /27
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As to how this suit wasn't noticed, Delaware Chancery charges a fortune per document limiting public awareness. Original case to inspect board docs (Rhode Island) was won, derivative suits were amended/filed/consolidated in shell game. I followed the breadcrumbs. Voila. /eof /28
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I see this is taking off so a reminder to everyone this is the plaintiffs' claims. But it does bring together an enormous amount -and- they decided to file after inspecting board docs. Everything was from the 2nd complaint, there is also the Rhode Island suit filed same day.
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For the @aoc fans, the R.I. lawsuit also includes Zuckerberg's bumbling answers when surprised during a crypto hearing which certainly appeared as if he was trying to keep his story straight.

Sep 21, 2021 · 2:47 PM UTC

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Here is a thread for those interested in going down the rabbit hole on video of unanswered questions and misleading answers from the various hearings.
3yrs ago today, NYT and Guardian (after threat from Facebook), broke massive scoop that Facebook's personal data had not only been sold to a political operative but FB had covered up what they ultimately labeled a "breach of trust." For 3yrs they've continued to cover it up. /1
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Also, strongly encourage anyone with the complaint to read it thoroughly, there are a lot of allegations in it particularly how conflicts of interest and the board governance. I just had to end my thread.
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And yes, newsrooms and press should work to get these unsealed. The largest settlement, by far, in history in which the leadership was able to squeeze into the board committee meetings and influence the outcome deserve more sunlight.
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👀 Chair of the Special Committee that would review the $5 billion settlement emailing Sandberg as everything hit the fan. Sheryl, -Ken
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hat tip to @FBoversight as they have posted the complaints here.
Exclusive: Facebook & Executives Sued Over Cambridge Analytica Scandal rfob.medium.com/exclusive-fa…
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The hearing I referenced last week in massive pension funds vs Facebook was slightly more meaningful than expected. Judge ruled on lead counsel but he also called both complaints "large and extremely thorough" supporting "meaningful litigation" v Facebook. (11/6/21 - update 1/2)
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and maybe more important, Judge commented the claims against the entire board, which he recognized may not be independent from Facebook leadership, and insider trading claims vs Facebook executives and board could add up to 👀 *tens of billions of dollars*. 11/6/21 - update 2/2)
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Facebook has filed to dismiss this derivative shareholder suit above. Here are a few things I noticed while going through Facebook's motion which likely will get decided on very technical matters.
Oh dear, Facebook filed its motion to dismiss for the Delaware shareholder suit I called the "mother of all lawsuits" because it includes charges of insider trading and governance failures related to Cambridge Analytica cover-up. I still think it may bring Facebook down. /1
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