SAN FRANCISCO — A federal court in California dismissed two pump-and-dump investment scheme victims’ lawsuits against Meta, whose platforms Facebook, Instagram and WhatsApp facilitated the Chinese penny-stock schemes. The claims are barred by the Securities Litigation Uniform Standards Act, which deprives the court of jurisdiction over the claims.Read the ruling here.Read our coverage of the arguments on this motion here.Subscribe to our free newslettersOur weekly newsletter Closing Arguments offers the latest about ongoing trials, major litigation and rulings in courthouses around the U.S. and the world, while the monthly Under the Lights dishes the legal dirt from Hollywood, sports, Big Tech and the arts.Additional Reads
Meta escapes investment scam claims
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