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SEC Investigating if Facebook Gave Investors Enough Warning About Data Issue, WSJ Says

posted by mrpg on Friday July 13 2018, @11:21AM   Printer-friendly
from the who-knew-what-when? dept.

martyb writes:

SEC asking if Facebook properly warned investors of data issue -- WSJ

The Securities and Exchange Commission is looking into whether Facebook gave investors enough warming about the possible misuse and improper gathering of users' data, The Wall Street Journal reported Thursday (paywalled).

[...] The SEC has requested information from Facebook in an effort to learn how much the social networking company knew about Cambridge Analytica's data use, according to the Journal. In addition, the SEC reportedly wants to learn how Facebook analyzed its risk as developers shared data with others against Facebook's policies.

[...] The SEC is also looking into whether Facebook should have told shareholders about Cambridge Analytica's policy violation when it found out in 2015.

Also at MarketWatch and NYT.

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  • (Score: 2) by AthanasiusKircher on Friday July 13 2018, @12:42PM

    by AthanasiusKircher (5291) on Friday July 13 2018, @12:42PM (#706592) Journal

    Yeah, obviously. My first reaction was, "Well, if it leads to punishment, it's better than nothing." But I don't hold out hope it will lead to much more than some meaningless fines, if that.

    Of course, in any just world, people should be going to jail... But that's not gonna happen.

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