"...defendants made false or misleading statements and failed to disclose that Facebook violated its own data privacy policies by allowing third parties access to personal data of millions of Facebook users without their consent..."
The "without their consent" part is BS, as is this lawsuit. When you use Facebook platform apps, you have to consent to the disclosure of your information to the developer, and have to agree to allow whatever special permissions the developer is asking for. As for friend data that apps may have access to, when you sign up for and use Facebook, you agree to the terms and conditions, which allow this behavior.
Investors had the opportunity to view both the developer platform policies and Facebook TOS long before they ever bought shares. If they didn't like the possible implications of them, they should not have invested. My guess is that this case will go nowhere.
The "without their consent" part is BS, as is this lawsuit. When you use Facebook platform apps, you have to consent to the disclosure of your information to the developer, and have to agree to allow whatever special permissions the developer is asking for. As for friend data that apps may have access to, when you sign up for and use Facebook, you agree to the terms and conditions, which allow this behavior.
Investors had the opportunity to view both the developer platform policies and Facebook TOS long before they ever bought shares. If they didn't like the possible implications of them, they should not have invested. My guess is that this case will go nowhere.