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Meta Accused of Failing to Warn Investors of Apple Privacy Tweak

March 9, 2022, 12:13 AM

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 $10 billion 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.

“Instead of being transparent with investors, defendants painted a false and ...