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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook    FB

FACEBOOK

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Facebook : must face renewed privacy lawsuit over user tracking

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04/09/2020 | 06:32pm EDT
A Facebook logo is displayed on a smartphone in this illustration

A federal appeals court on Thursday revived nationwide litigation accusing Facebook Inc of violating users' privacy rights by tracking their internet activity even after they logged out of the social media website.

The 9th U.S. Circuit Court of Appeals in San Francisco said Facebook users could pursue several claims under federal and California privacy and wiretapping laws.

A spokeswoman for Facebook said the proposed class action was without merit, and the Menlo Park, California-based company will continue defending itself.

Facebook users had accused the company of quietly storing cookies on their browsers that tracked when they visited outside websites containing "like" buttons, and then selling personal profiles based on their browsing histories to advertisers.

U.S. District Judge Edward Davila in San Jose, California had dismissed the lawsuit in 2017, including claims under the federal Wiretap Act, and said the users lacked legal standing to pursue economic damages claims.

But in Thursday?s decision, Chief Judge Sidney Thomas wrote for a three-judge panel that users had a reasonable expectation of privacy, and had sufficiently alleged a "clear invasion" of their right to privacy.

The panel also said California law recognized a right to recoup unjustly earned profits, regardless of whether a defendant's conduct directly caused economic harm.

"Facebook's user profiles would allegedly reveal an individual's likes, dislikes, interests, and habits over a significant amount of time, without affording users meaningful opportunity to control or prevent the unauthorized exploration of their private lives," Thomas wrote.

Citing Facebook?s data use policy, he also said the plaintiffs "plausibly alleged that Facebook set an expectation that logged-out user data would not be collected, but then collected it anyway."

By Jonathan Stempel

Stocks mentioned in the article
ChangeLast1st jan.
FACEBOOK 2.12% 254.82 Delayed Quote.24.15%
THE NEW HOME COMPANY INC. 1.94% 4.72 Delayed Quote.1.29%
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Financials (USD)
Sales 2020 80 179 M - -
Net income 2020 23 254 M - -
Net cash 2020 62 496 M - -
P/E ratio 2020 31,8x
Yield 2020 -
Capitalization 726 B 726 B -
EV / Sales 2020 8,27x
EV / Sales 2021 6,47x
Nbr of Employees 52 534
Free-Float 83,8%
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Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 49
Average target price 291,00 $
Last Close Price 254,82 $
Spread / Highest target 31,5%
Spread / Average Target 14,2%
Spread / Lowest Target -52,9%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
FACEBOOK24.15%725 935
TWITTER36.79%34 579
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LINE CORPORATION0.37%12 268
SINA CORPORATION0.65%2 628
NEW WORK SE-14.55%1 629