11–20 of 55 posts
Really funny how the US Court system becomes really interested in cases as soon as shareholders file a lawsuit. When people file a lawsuit, it is given due consideration because sending it down to the dumpster.
It's not funny, it's by design. Property owners and investors are usually given the most attention by courts because they matter more broadly speaking.
> Investors allege that Meta did not fully disclose the risks that Facebook users’ personal information would be misused by Cambridge Analytica... Anyone following this case and care to share their thoughts of how likely the plaintiffs are to prevail? Is the expectation that Meta will settle out of court?
My guess is that the justices will be frustrated by how little the issues on which the parties discuss in their briefs resemble the question they agreed to review. In an effort to offer something predictive about what we might see at the argument, I would point to two things. The first is a deep-seated skepticism of securities fraud litigation held by some of the justices, who tend to view litigation in this area as akin to extortion based on hindsight. The court has also issued a number of decisions in recent years in favor of corporate interests that have weakened federal regulators, including at the Securities and Exchange Commission.
On the other hand, it is a powerful benefit to the investors that the government filed a parallel suit against Facebook, contending that its disclosures about security breaches were insufficient; the government appears in full support of the investors and will share in their oral argument time. It similarly helps the investors that there is a forceful and direct friend-of-the-court brief signed by most of the most famous securities law scholars, arguing that the securities laws bar any kind of categorical exception for misleading statements made in forward-looking risk disclosures."
https://www.scotusblog.com/2024/11/securities-disclosure-ove...
I’m a bit over this hyper-capitalistic market. When are C-level executives going to pay for their actions? Where is the jail time for these people?
This country is a joke.
[1] https://m.youtube.com/watch?v=Q4zd7X98eOs
[2] https://mashable.com/article/facebook-newspaper-ad-apology
The wording here is confusing. They did not disclose that ... someone else who got the info would do something bad?
It's as if expecting recently IPO'd Beyond Meat to disclose to investors the possibility that someone might choke on a meatball they make with the meat...
Really funny how the US Court system becomes really interested in cases as soon as shareholders file a lawsuit. When people file a lawsuit, it is given due consideration because sending it down to the dumpster.
> When people file a lawsuit, it is given due consideration because sending it down to the dumpster Broadly speaking, our post-War system of laws puts consumers at the top. Right below them, investors. Way below them, workers. If you engage the legal and regulatory system properly as a consumer, you can move mountains. Even without a lawyer. As an investor, you typically need a lawyer, but with that hurdle met you're…
This is a cool thing to believe, your stories about this must be fascinating.
What have been the differences between your personal experiences engaging in the regulatory system in the United States as a consumer versus the times you’ve engaged with the regulatory system in the US as an investor?
FB will settle out of court. Probably a third of what shareholders are asking. Lawyers get paid handsomely on both sides. Parent company has washed away the stink of Cambridge Analytica fallout (remember those bs “sorry” videos and newspaper ads? [1,2]). Shareholders get a pittance. I’m a bit over this hyper-capitalistic market. When are C-level executives going to pay for their actions? Where is the jail time for th…
Earlier quoted context omitted.
It's not funny, it's by design. Property owners and investors are usually given the most attention by courts because they matter more broadly speaking.
Another reason is that the harm can often be quantified and remedy easily justified.
Unfortunate how that's just how the system works.
Really funny how the US Court system becomes really interested in cases as soon as shareholders file a lawsuit. When people file a lawsuit, it is given due consideration because sending it down to the dumpster.
But then again, I'm a foreigner, I know nothing about the US.
>Investors allege that Meta did not fully disclose the risks that Facebook users’ personal information would be misused by Cambridge Analytica, a firm that supported Donald Trump ’s first successful Republican presidential campaign in 2016. The wording here is confusing. They did not disclose that ... someone else who got the info would do something bad?