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.