BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Facebook, Inc. (“Facebook” or the “Company”) (NASDAQ: FB) securities between April 1, 2015 and November 16, 2016, inclusive (the “Class Period”). Facebook investors have until January 23, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Facebook investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On or around April 2015, Facebook allegedly found errors with the advertising and content metrics used to bill advertisers on its platform. The Company allegedly hid these problems from customers-advertisers, and the investing public. More recently, around November 2016 the Company announced a decrease in advertising revenue. This decrease in revenues allegedly resulted from problems with its advertising platform, and on this news Facebook stock fell sharply in value.
The complaint filed in this lawsuit alleges that Facebook introduced its new advertising and content "metrics," aimed to assist advertisers measure results for paid advertising products and to "better understand how people respond to (their) videos on Facebook," by measuring the performance of their paid Facebook ads and campaigns. Facebook publicized its new advertising metrics as a valuable tool to assess the success of the paid campaigns and advertisements. Even after ad companies' heavy criticism to be more transparent, Facebook still did not have any third-party independently overseeing or calculating the accuracy of the data and new metrics.
If you purchased shares of Facebook during the Class Period you may move the Court no later than January 23, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
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