The law firm of Eglet Prince has filed a class action lawsuit on behalf of shareholders who bought or held stock in Facebook between April 1, 2015, and Nov. 16, 2016.
According to a Wall Street Journal article dated Sept. 24-25, 2016, Facebook executives admitted the company used faulty metrics to measure the duration that viewers watched paid video advertisements on the social media platform. Facebook likely overestimated average viewing time by 60 to 80 percent, according to the article.
On Sept. 30, 2016, Facebook filed a quarterly earnings statement that did not include any mention of the ad metric miscalculation nor its likely effect on ad revenue. Facebook board members and top executives sold large numbers of company shares during the class period, according to the lawsuit.
Eglet Prince has successfully represented thousands of clients. The firm is best known for its multi-million-dollar verdicts, including two verdicts in excess of $500 million against a pharmaceutical company. The attorneys at Eglet Prince are experienced trial lawyers and have successfully handled complex litigation, mass tort litigation and class actions. Eglet Prince is located at the Robert T. Eglet Advocacy Center at 400 South 7th Street in downtown Las Vegas, Nevada 89101.