Meta Wins Investor Appeal Over Risks From Apple Privacy Changes

Meta Platforms Inc. is free of a securities fraud suit over the hit to its advertising business from privacy-related changes in Apple Inc.’s iPhone operating system.

The US Court of Appeals for the Ninth Circuit Tuesday declined to revive the suit, saying the suing investors’ allegations fell short. The proposed class action centered on a 26% Meta stock drop on Feb. 3, 2022, which wiped out more than $230 billion in market value.

The district court correctly dismissed claims based on statements that the changes would have no material impact on Meta’s capabilities, as the investors failed to show ...