Meta Asks High Court to Stop Investor Suit Over User Data Risks

Meta Platforms Inc.'s risk disclosures to the SEC in 2016 weren’t misleading, the social media company told the US Supreme Court on Friday in a brief seeking to shut down a multibillion-dollar securities fraud suit over a user privacy scandal.

Investors say their stock in the company, then called Facebook, took two significant hits in the wake of a data-harvesting scandal involving political consulting firm Cambridge Analytica. The US Court of Appeals for the Ninth Circuit revived the proposed class action in October 2023 following a lower-court dismissal.

Meta’s disclosures about the risk of data misuse weren’t misleading “merely because ...