Meta accused of failing to warn investors of Apple privacy tweak

Meta executives failed to inform shareholders during earnings calls last year that the company’s efforts to offset any financial hit weren’t working, the Plumbers and Steamfitters Local 60 Pension Trust claimed in a securities suit filed in San Francisco federal court on Tuesday. — Photo by Solen Feyissa on Unsplash

Meta Platforms Inc falsely reassured investors that the impacts of privacy tweaks to Apple’s iOS software for iPhones “were manageable” before it said in February it expects to lose US$10bil (RM41.82bil) in ad revenue this year because of the changes, according to a proposed class-action lawsuit.

Meta executives failed to inform shareholders during earnings calls last year that the company’s efforts to offset any financial hit weren’t working, the Plumbers and Steamfitters Local 60 Pension Trust claimed in a securities suit filed in San Francisco federal court on Tuesday.