An investor in Facebook Inc. this week sued for access to board documents related to the company’s alleged mistreatment of personal user data, which has resulted in multiple privacy scandals and contributed to a historic loss in the social network’s market value.
The books-and-records suit, from an Alabama pension fund, accused Facebook’s directors of breaching their fiduciary duties in responding to the crisis, in which data analytics firm Cambridge Analytica gained access to the information of 87 million Facebook users. The redacted complaint, filed Monday in Delaware Court of Chancery, was unsealed Thursday afternoon, as Facebook’s shares dropped 19 percent, erasing $119 billion in market value, after the company warned of slowing revenue growth.
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