On the same fateful day, Meta admitted its mitigation efforts were futile, revealing that Apple’s iOS privacy changes would slash its 2022 revenues by a staggering $10 billion. This disclosure caused a historic 26% nosedive in Meta’s value in a single day, marking the most substantial one-day drop in value for a U.S. company.
The Allegations Multiply: Sandberg’s Improper Benefits Come to Light
Beyond the financial turmoil, the lawsuit, initiated in March 2022, contends that Meta concealed additional improprieties. Former Chief Operating Officer Sheryl Sandberg allegedly received improper benefits from Meta, including employee assistance in editing her book and organizing her wedding. Citing news reports as evidence, the investors claim that Meta kept these activities under wraps.
Unraveling Deception: Investors Challenge Proxy Statement
Addressing a crucial aspect of the case, Judge Rogers had previously challenged the investors to explore the possibility that Sandberg’s assistance could have benefited the company. In response, investors argue that Meta’s proxy statement was misleading, as it failed to disclose Sandberg’s use of company employees for personal matters, even if deemed beneficial for Meta.
Meta Investors Fixed Suit Over Apple Ad Changes: Investors Push for Discovery
In a recent courtroom development, investors assert that this “important case” should advance to the discovery phase. Despite Meta’s attempts to stifle the legal proceedings, investors are resolute in their pursuit of justice.
