Defendant Name: Facebook, Inc.

Defendant Type: Public Company

Document Reference: 2019-140

Document Details

Legal Case Name SEC v. Facebook, Inc.
Document Name Facebook to Pay $100 Million for Misleading Investors About the Risks It Faced From Misuse of User Data
Document Date 24-Jul-2019
Document Format Civil Proceeding
Case Number 19-cv-04241
Allegation Type Issuer Reporting and Disclosure
Document Summary The Commission stated: "The SEC's complaint alleges that Facebook discovered the misuse of its users' information in 2015, but did not correct its existing disclosure for more than two years."

Disgorgement & Penalty Information

Resolutions
Enjoinment
Monetary Penalties:

Total Penalty

Individual:     $100,000,000.00 Shared:    

Related Documents:

comp-pr2019-140 24-Jul-2019 Complaint
Complaint
The Commission stated: "For more than two years, Facebook made misleading statements in its required public findings about the misuse of its users' data. From 2016 until mid-March 2018, Facebook presented the risk of misuse of its users' data as merely hypothetical. In fact, . . . [A]lready become aware by December 2015 that a researcher had improperly sold information related to tens of millions of Facebook users to data analytics from Cambridge Analytica."
court_doc11_19-cv-04241 22-Aug-2019 Court Docket Document
Final Judgment as to Defendant Facebook, Inc.
The Court stated: "The Securities and Exchange Commission having filed a Complaint and Defendant Facebook, Inc. (“Defendant” or “Facebook”) having entered a general appearance; consented to the Court’s jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction and except as otherwise provided herein); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment"