Supreme Court Should Reject Meta’s View of Risks, Investors Say

Meta Platforms Inc. should face securities fraud claims over disclosures that improperly treated the risk of user data misappropriation as hypothetical, investors told the US Supreme Court.

The investors asked the high court in a brief Tuesday to uphold a split decision of the US Court of Appeals for the Ninth Circuit that revived their multibillion-dollar suit, a proposed class action that focuses on a data-harvesting scandal involving political consulting firm Cambridge Analytica.

The investors allege their stock in the company, then called Facebook, took two significant hits in the wake of that scandal.

Meta brought the case to the ...