Meta Wins Dismissal of Shareholder Lawsuit

Meta Platforms has successfully had a lawsuit dismissed that alleged it defrauded shareholders by downplaying the impact of Apple's iOS privacy changes on advertising revenues for Facebook and Instagram. U.S. District Judge Yvonne Gonzalez Rogers ruled that claims regarding former COO Sheryl Sandberg's use of company resources and the transition to Meta's Reels feature were unfounded. The shareholders, led by four Israeli insurers and pension funds, claimed that misleading statements caused a 53% drop in Meta's stock price, translating to a loss of over $500 billion in market value. However, the judge found no evidence that Meta's earlier disclosures were false or that the changes significantly harmed financial performance. The lawsuit was dismissed with prejudice, preventing it from being refiled. Other notable defendants in the case included CEO Mark Zuckerberg and CFO Susan Li.