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Benzinga
Benzinga
National
Anusuya Lahiri

Lawsuit Accuses Facebook Parent Meta Of Misguiding Investors Regarding Apple's Privacy Policy

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  • A proposed class-action lawsuit alleged Meta Platforms Inc (NASDAQ:FB) misguided investors into believing that the impacts of privacy tweaks to Apple Inc's (NASDAQ:AAPL) iOS software for iPhones "were manageable," Bloomberg reports.
  • The lawsuit corroborated that Meta made the statement before disclosing its expectation to lose $10 billion in ad revenue in 2022 due to the changes.
  • The lawsuit claimed that Meta only "fully revealed" the "significant headwinds" for Meta's advertising business after it announced a grim earnings report on February 2.
  •  Related Content: After Google, Apple's Privacy Update Proves Costly For Facebook: Bloomberg
  • Meta is reeling from changes made in 2021 by Apple, which mandated user consent for tracking by the app makers. 
  • The privacy update hit Meta's Facebook business hard that majorly depended on user data to sell targeted ads. 
  • Price Action: FB shares closed higher by 2.34% at $194.75 on Tuesday.
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