Credit: AlexandraPopova/Shutterstock.comSupreme Court Drops Facebook's Appeal in Securities Case as 'Improvidently Granted'
The unexplained dismissal followed a hearing during which the justices struggled to determine when a company must disclose that a future risk to its business has occurred in the past.
November 22, 2024 at 01:11 PM
4 minute read
The U.S. Supreme Court took the unusual step Friday of dismissing an appeal from Facebook in a securities case after having already heard oral arguments, explaining only that the case had been "improvidently granted."
The justices had agreed in June to take up Facebook's appeal to defeat a securities class action brought by investors over two 2018 stock drops that wiped out more than $200 billion from the company's market capitalization. One of those occurred following media reports about misuse of user Facebook data by the political consulting firm Cambridge Analytica.
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Supreme Court Considers Reviving Lawsuit Over Fatal Traffic Stop Shooting
Justices Grill US Government in Venue Dispute Over FDA Vape Challenges
22-Count Indictment Is Just the Start of SCOTUSBlog Atty's Legal Problems, Experts Say
5 minute read
Supreme Court Will Hear Religious Parents' Bid to Opt Out of LGBTQ-Themed School Books
Trending Stories
- 1Whether to Choose State or Federal Court in a Case Involving a Franchise?
- 2Am Law 200 Firms Announce Wave of D.C. Hires in White-Collar, Antitrust, Litigation Practices
- 3K&L Gates Files String of Suits Against Electronics Manufacturer's Competitors, Brightness Misrepresentations
- 4'Better of the Split': District Judge Weighs Circuit Divide in Considering Who Pays Decades-Old Medical Bill
- 5Which Georgia Courts Are Closed Today?—Here's a List
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
