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Facebook hit with class-action lawsuit by investor

Rep. Chris Collins (R-NY) on Facebook’s data mining controversy. Video

Facebook has been hit with a class-action lawsuit by a shareholder claiming the social media giant made “false and misleading” statements about how it handles the personal data of its users.

The lawsuit, filed by Fan Yuan, claims that Facebook’s failure to disclose its data protection policies caused the company’s share price to drop and the company’s market capitalization to plunge by tens of billions of dollars.

The litigation comes as the company faces criticism over political consulting firm Cambridge Analytica gaining access to data about some 50 million Facebook users.

In addition, the Federal Trade Commission (FTC) plans to investigate the Cambridge Analytica incident, Bloomberg reported.

Separately, Fox News confirmed Facebook officials will meet with House Judiciary Committee staff as early as Wednesday to discuss the third-party data access and storage issue.