Investors claimed that the company misled them in 2016 by describing data breaches as a mere 'risk,' when it knew that Cambridge had accessed user data.
The request came during oral arguments on Wednesday before the 9th U.S. Circuit Court of Appeals in San Francisco over the Cambridge Analytica scandal, where data for up to 87 million users was accessed.
U.S. District Judge Edward Davila ruled in 2020 that Facebook's statements were not false because Cambridge's data use had been in the news in 2015. Circuit Judges Margaret McKeown and Jay Bybee appeared skeptical, calling those disclosures"boilerplate" and suggesting they might not be meaningful to investors.
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