Since 2018, Facebook has been dealing with the aftershocks of the Cambridge Analytica data breach scandal when it came to light that the social media giant was allowing third-party apps to scrape user info. And those ramifications are still being felt today. Just this week, a judge ruled that Facebook founder Mark Zuckerberg and other former directors must face a lawsuit from shareholders over the company’s privacy violations.
According to the judge in the case, Facebook’s board couldn’t be trusted to investigate the company’s privacy violations because of conflict of interest. He also said that the company’s leaders either “affirmatively went along with” this behavior or ignored it. That doesn’t bode well for Facebook, as the judge is basically echoing what its angry shareholders have claimed.
“This complete and utter failure of leadership and governance left Facebook subject to public scrutiny, billions of dollars in lost market value, millions of dollars in foreseeable fines and costs, and inquiries by governments worldwide,” the investors said in their suit.
Facebook has already paid a gigantic $725 million fine to settle one investor suit related to this scandal, and it looks like it may have to open its wallet again sooner rather than later.
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