Meta Investor Sues Over Apple Privacy Update’s Impact on Ads
- Lawsuit accuses company of hiding $10 billion ad revenue hit
- Facebook lashed out at iPhone make last year over iOS change
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Meta Platforms Inc. falsely reassured investors that the impacts of privacy tweaks to Apple’s iOS software for iPhones “were manageable,” only to later forecast a $10 billion loss in ad revenue this year because of the changes, according to a proposed class-action lawsuit.
Meta executives failed to inform shareholders during earnings calls last year that the company’s efforts to offset any financial hit weren’t working, the Plumbers and Steamfitters Local 60 Pension Trust claimed in a securities suit filed in San Francisco federal court on Tuesday.