Investors Urge 9th Circ. To Revive Meta Stock Drop Suit

By Ben Kochman (May 24, 2022, 7:23 PM EDT) — A proposed class of Meta Platforms Inc. shareholders has urged the Ninth Circuit to revive a securities fraud suit filed against the tech giant after Facebook’s stock price dipped in the wake of the Cambridge Analytica data abuse scandal.

A group of investors led by Amalgamated Bank pushed the appeals court late Monday to revisit litigation that a California federal judge dismissed three times, most recently in December. The investors claimed that the district court’s rulings throwing out the case were “erroneous, premised on a misconstruction of the complaint and the governing law.”

Among the lower court’s justifications for dismissing the litigation was its…

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