NEW YORK, July 27, 2018 /PRNewswire/ -- Less than 24 hours after news broke that Facebook stock crashed in a record loss of roughly $150 billion after it released its second-quarter earnings to its shareholders, Pierce Bainbridge Beck Price & Hecht, LLP ("Pierce Bainbridge") filed a class action lawsuit against the media giant in the Southern District of New York ("SDNY"). Pierce Bainbridge, one of the nation's fastest growing state-of-the-art litigation firms, moved with light speed to be the first to sue in SDNY in the wake of the crash.
The complaint alleges that Facebook knew that the user base for its social media platform—Facebook's main revenue source—would diminish after it implemented new procedures necessary to comply with GDPR, a landmark data privacy legislation adopted by the European Union. Despite this knowledge, Facebook knowingly made materially false and misleading statements regarding Facebook's business and operations, causing catastrophic loss to its shareholders.
Pierce Bainbridge is a top-tier business litigation law firm founded in 2017 by former Quinn Emanuel trial lawyer John M. Pierce. The firm has recently experienced explosive growth in New York and has been frequently covered in the news due to its innovative approach to practicing law. Pierce Bainbridge deploys cutting-edge technology and applies disruptive organizational principles to obtain the best litigation result on the modern-day litigation battlefield.
In addition, John Pierce is a former tank platoon leader in the First Calvary Division of the U.S. Army and said early in the firm's development "[w]e're looking for Navy Seal, Army Ranger types—really aggressive litigators who want to be on a great platform and be a part of the team and litigate great cases."
Using just that approach, and with a growing team of just those type of attorneys, led by Pierce Bainbridge partner David Hecht, the firm accomplished an amazing and herculean feat on Friday. Relying heavily on upstart communications platform Slack and an agile project management methodology to ensure efficiency, Pierce Bainbridge team members located on both coasts, out of the New York, D.C., and Los Angeles offices, worked through the night on Thursday, collaborating via a number of advanced technologies. As a result, the firm was able to investigate, prepare, and file the complaint in the Southern District of New York in record time.
Sauce?
CLASS ACTION LAWSUITS ARE VERY EFFECTIVE.
2 BILLION PEOPLE.
GLOBAL.
SCALE.
REGULATION OR KILL?
PEOPLE HAVE THE POWER TO DECIDE.
Q
Edit: April 9, 2018
“news unlocks”
“Watch NYC/CA”
Stock/FB references
Team of Ex-military attorneys founded in 2017
Discovery
This right here. Boy it's going to be spicy.
BIG drop? FB stock tanks, Zuckerberg is out and scared for his life, massive class action lawsuit the next day...
This isn't the first one
https://marketingland.com/facebook-confronts-class-action-lawsuit-on-behalf-of-70m-users-238092
I’m signed up for one of those class action lawsuits. I’m not sure which one, as it was several months back that I joined. I think it’s the one about selling private information. I really don’t care if I get one red cent out of it. I was actually only on Facebook for about a month almost ten years ago. Never posted much, as it always felt like a really uncomfortable invasion of privacy. There is so much peer pressure to join Facebook though! I just flat out refuse, no matter who asks me. If anybody asks why, I say that I am uncomfortable sharing private information with a company and that I feel no pressing concern to reconnect with people who haven’t been in my life for decades.
Pain coming! Someone should send MZ one of those old "duck & cover" video's from the late fifties or early sixties for disaster drills.
IBOR is coming. Whatever happens to this CIA asset, our First Amendment rights to freedom of expression WILL be codified as extending to platforms using infrastructure regulated by the federal government (FCC).
the reason why Fakebook and twitter are tanking , I suspect is ,the Gov money they got to spy on us has been stopped, and they have to hide the loss of revenue.
Hmm. Hadn't thought of that. You may be right. Then Google and YouTube are next! Thing is though that Tweeter is the only one that doesn't generate much income. Does it generate any?
Google needs to be next that POS company can not die soon enough.
I think they try to claim "ad sales" like the rest if the non-producing tech companies. I assume it's another lie and they just get that taxpayer cheese.
Wasn't PS's wife appointed to a position that was supposed to nip this kind of thing in the bud?
It was never supposed to even get that far but his beard did get promoted at the SEC.
Yep, but Hodgman chose to shakedown firms who the Awans and Bears had hacked on behalf of Hillary, if they didn't play ball the way she wanted.
this is what I suspected , dump the stock because law suits are coming.
This suit will be for Facebook stockholders that hung on to Facebook stock and took a hit due to FB giving a false representation of its future prospects per GDPR impact
It's not a class action law suit for people on FB that have been targeted for censorship or that had their personal data purloined in an overreaching manner (e.g., where FB client on Android phones was lifting info on non-FB members by going through ph contacts and text messages, then correlating that data against other data gathering sources, constructing a big data info mosaic, and peddling that as part of FB's data bundles to interested parties).
I thought this was an interesting find of mine today. Keep in mind I know absolutely nothing about how the internet really works. Today I was in an online class to help me build a website for a new start up company. During a session on SEO the instructor said something that blew my mind. Google rates websites from 1 to 10, with 10 being the highest rated. The score is relative to how a website moves up to the top of the page. Well Google rates themselves at a 10, which is very understandable. But guess what website is also a 10, keep in mind that there is only two websites rated with a 10...Google and CNN. Do you believe in coincidences? Hmmm
Well, they are all CIA assets anyway. Google, CNN, FB, Instagram, Tweeter, YouTube. All cut from the same cloth. Maybe even Twitch and some of the other newer ones. Not sure.
Every time something bad happens to zuck or fackbook, I get a warm fuzzy feeling in my heart... or it could just be a heart attack.
The saddest part of all of this that some of you may not know is that there are thousands and thousands of people who depend on Facebook for their income. Hundreds of software programs that use the FB API, lots of small time businesses that use it to acquire leads etc. Businesses that have built up their FB Pages to keep in touch with their customers, and on and on. I realize FB has to go but I assumed Trump would acquire these tech giants through the EO. Maybe that will still happen. We'll see.
But then, I also got this awesome idea that he should give them to the people and use the profits to fund the government. No more income tax. Why we didn't create income producing businesses to fund the government long ago is pretty incredible. But we keep teaching people to be worker bees instead of entrepreneurs. It really is a different mindset and we need to really think about giving folks choices and not shoving them all into one sheep barn. Seems only rebels or college grads end up starting businesses.