If you purchased Facebook stock between January 28, 2016 and March 19, 2018 then this is for you..
On July 24, 2019, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) commenced an action against Facebook, Inc. (“FB”). The Commission alleged, among other things, that Facebook made misleading statements in its public filings from 2016 until mid-March 2018 about the misuse of its users’ data.
The Final Judgment ordered FB to pay a $100 million civil penalty. By Order dated August 17, 2020, the Court created a Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002 (the “FB Fair Fund”) to be used to distribute the penalty to investors harmed by FB’s alleged misleading disclosures regarding the risk of misuse of FB user data. The August 17, 2020 Order also appointed RCB Fund Services LLC, as the Distribution Agent for the FB Fair Fund to oversee all aspects of the administration and distribution of the Fair Fund.
On April 25, 2022, the Court approved a plan of distribution for the FB Fair Fund. The plan of distribution sets forth the eligibility criteria and other rules governing the administration and distribution of the FB Fair Fund.