Meta Platforms Inc. (META) has emerged victorious in a high-profile legal battle after a U.S. District Judge dismissed a lawsuit accusing the company of misleading shareholders regarding the impact of Apple’s privacy changes on its advertising business.
On Tuesday, Judge Yvonne Gonzalez Rogers ruled in favor of Meta, rejecting claims that the company had defrauded investors by failing to disclose how recent updates to Apple’s privacy settings would adversely affect Facebook and Instagram’s appeal to advertisers. The lawsuit alleged that these privacy changes would diminish the effectiveness of Meta’s advertising platforms, which could potentially impact the company’s financial performance and shareholder value.
Additionally, the court dismissed allegations that Meta had concealed former Chief Operating Officer Sheryl Sandberg’s misuse of company resources for personal projects. The suit had claimed that Sandberg used company assets for her wedding and for promotional activities related to her bestselling book, “Lean In.” Judge Rogers found no merit in these claims, further strengthening Meta’s legal position.
This ruling marks a significant win for Meta as it continues to navigate the complex landscape of privacy regulations and shareholder scrutiny.
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