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Judge dismisses investor suit against Facebook

A U.S. judge dismissed an investor lawsuit that accused Facebook Inc. and its CEO Mark Zuckerberg of misleading investors about the likely impact of a privacy breach, Reuters reported Sept. 26.

The class-action lawsuit revolved around a data breach that was first reported in December 2015 and ultimately allowed Cambridge Analytica LLC and other third parties to improperly access Facebook user data.

U.S. District Judge Edward Davila in San Jose, Calif., gave the investors until Oct. 26 to refile their case with more specific information indicating the defendants, including Facebook COO Sheryl Sandberg and CFO David Wehner, knowingly made false statements.

In July, Facebook agreed to pay $100 million to settle the SEC's charges for misleading investors over risks the social networking giant faced from the misuse of user data in relation to the Cambridge Analytica scandal.

The SEC settlement followed a $5 billion fine on Facebook by the U.S. Federal Trade Commission over user privacy violations.