This case was last updated from U.S. District Courts on 01/15/2022 at 07:52:43 (UTC).

Depot v. Meta Platforms, Inc. et al

Case Summary

On November 16, 2021, Barry G. Depot (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Jennifer Lauren Joost of Kessler Topaz Meltzer & Check, LLP, filed a civil action against Meta Platforms, Inc. f/k/a Facebook, Inc. (“Meta,” “Facebook,” or the “Company”), Mark Zuckerberg, David M. Wehner, Susan J.S. Taylor and Nick Clegg, (collectively, “Defendants”), seeking compensatory relief including interests, costs, expenses and attorneys’ fees, for allegedly making materially false and misleading statements about the Company’s business and operations throughout the Class period. This case was filed in U.S. District Court in the Northern District of California with Judge Edward J. Davila presiding. 

 

In the complaint, the Plaintiff alleged that, “The Class Period begins on April 29, 2021, to coincide with the filing of Facebook’s quarterly report for the first quarter of 2021 on Form 10-Q with the SEC (the “1Q21 10-Q”). The 1Q21 10-Q was signed by Defendants Wehner and Taylor. The 1Q21 10-Q reported that Facebook generated $9.5 billion in net income on $26.17 billion in revenue.” 

 

The Plaintiff further alleged that, “This Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business and operations. Specifically, Defendants repeatedly and falsely touted the Company’s commitment and ability to prevent the spread of damaging misinformation, criminal activity, and other harmful content on its social media platforms, while simultaneously concealing the Company’s dependence upon toxic content and inauthentic accounts to drive revenues.”

 

The Plaintiff also alleged that, “Defendants’ wrongful conduct directly and proximately caused the economic loss suffered by Plaintiff and the Class. The price of Company common stock significantly declined when the misrepresentations made to the market, and/or the information alleged herein to have been concealed from the market, and/or the effects thereof, were revealed, causing investors’ losses. As a result of their purchases of Company common stock during the Class Period, Plaintiff and the Class suffered economic loss, i.e., damages, under the federal securities laws.”

 

The Plaintiff lists out two claims for relief. The first claim alleged is against all Defendants for violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and the second claim alleged is against the individual Defendants for violations of Section 20(a) of the Exchange Act. 

 

In its prayer for relief, the Plaintiff requested the Court to determine that this action is a proper class action under Rule 23 and award compensatory damages and equitable relief in favor of Plaintiff and other members of the Class against all Defendants, jointly and severally, for all damages sustained as a result of Defendants’ wrongdoing, including interest thereon. The Plaintiff further requested the Court for costs and expenses incurred in this action, including counsel fees, expert fees and such other and further relief as the Court may deem just and proper.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    4:21-CV-08873

  • Filing Date:

    11/16/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judges

Edward J. Davila

Jon S. Tigar

 

Party Details

Plaintiff

Barry G. Depot

Petitioner

Rahul Saraf

Defendants

Meta Platforms, Inc.

Facebook, Inc.

Mark Zuckerberg

David M. Wehner

Susan J.S. Taylor

Nick Clegg

Attorney/Law Firm Details

Plaintiff Attorney

Jennifer Lauren Joost

Attorney at Kessler Topaz Meltzer and Check LLP

One Sansome Street, Suite 1850

San Francisco, CA 94104

Petitioner Attorney

Sophia Marie Rios

Attorney at Berger Montague PC

401 B Street, Suite 2000

San Diego, CA 92101

Defendant Attorney

Neal Alan Potischman

Attorney at Davis Polk & Wardwell

1600 El Camino Real

Menlo Park, CA 94025

 

Court Documents

#21

(#21) Statement of Non-Opposition to the Competing Lead Plaintiff Motions filed byRahul Saraf. (Rios, Sophia) (Filed on 1/10/2022) (Entered: 01/10/2022)

#20

(#20) CERTIFICATE of Counsel Pursuant to Civil Local Rule 3-7(d) by Sophia Marie Rios on behalf of Rahul Saraf (Rios, Sophia) (Filed on 12/27/2021) (Entered: 12/27/2021)

19 #6

Proposed Order

19 #5

Exhibit D

19 #4

Exhibit C

19 #3

Exhibit B

19 #2

Exhibit A

19 #1

Declaration of Sophia M. Rios

19 #19

Main Document

#8

(#8) ORDER RELATING CASE. Motions terminated: (7 in 4:21-cv-08812-JST) MOTION to Relate Case filed by Barry G. Depot. Signed by Judge Jon S. Tigar on November 23, 2021. (mll, COURT STAFF) (Filed on 11/23/2021) (Entered: 11/23/2021)

#7

(#7) NOTICE by Barry G. Depot of Pendency of Other Action or Proceeding Pursuant to Civil Local Rule 3-13 (Joost, Jennifer) (Filed on 11/17/2021) (Entered: 11/17/2021)

#6

(#6) Summons Issued as to Nick Clegg, Meta Platforms, Inc., Susan J.S. Taylor, David M. Wehner, Mark Zuckerberg. (sfb, COURT STAFF) (Filed on 11/17/2021) (Entered: 11/17/2021)

5 #1

Notice of Eligibility for Video Recording

5 #5

Main Document

#3

(#3) Certificate of Interested Entities by Barry G. Depot re #1 Complaint, (Joost, Jennifer) (Filed on 11/16/2021) (Entered: 11/16/2021)

1 #2

Civil Cover Sheet

1 #1

Certification of Barry G. Depot

1 #1

Main Document

22 More Documents Available
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Docket Entries

  • 01/10/2022
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  • Docket(#21) Statement of Non-Opposition to the Competing Lead Plaintiff Motions filed byRahul Saraf. (Rios, Sophia) (Filed on 1/10/2022) (Entered: 01/10/2022)

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  • 12/27/2021
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  • Docket(#20) CERTIFICATE of Counsel Pursuant to Civil Local Rule 3-7(d) by Sophia Marie Rios on behalf of Rahul Saraf (Rios, Sophia) (Filed on 12/27/2021) (Entered: 12/27/2021)

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  • 12/27/2021
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  • Docket(#19) MOTION to Appoint Lead Plaintiff and Lead Counsel , MOTION to Consolidate Cases filed by Rahul Saraf. Motion Hearing set for 3/10/2022 02:00 PM before Judge Jon S. Tigar. Responses due by 1/10/2022. Replies due by 1/18/2022. (Attachments: #1 Declaration of Sophia M. Rios, #2 Exhibit A, #3 Exhibit B, #4 Exhibit C, #5 Exhibit D, #6 Proposed Order)(Rios, Sophia) (Filed on 12/27/2021) (Entered: 12/27/2021)

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  • 12/27/2021
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  • Docket(#18) Certificate of Interested Entities by Rahul Saraf (Rios, Sophia) (Filed on 12/27/2021) (Entered: 12/27/2021)

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  • 12/27/2021
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  • Docket(#17) NOTICE of Appearance by Sophia Marie Rios (Rios, Sophia) (Filed on 12/27/2021) (Entered: 12/27/2021)

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  • 12/07/2021
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  • Docket(#16) ORDER EXTENDING DEADLINE TO RESPOND TO THE COMPLAINT by Judge Jon S. Tigar granting #14 Stipulation.(mll, COURT STAFF) (Filed on 12/7/2021) (Entered: 12/07/2021)

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  • 12/06/2021
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  • Docket(#15) NOTICE by Barry G. Depot of Publication Pursuant to Civil L.R. 23-1(a) and Exhibits A-C (Joost, Jennifer) (Filed on 12/6/2021) (Entered: 12/06/2021)

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  • 12/03/2021
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  • Docket(#14) STIPULATION WITH PROPOSED ORDER Extending Deadline to Respond to the Complaint filed by Nick Clegg, Meta Platforms, Inc., Susan J.S. Taylor, David M. Wehner, Mark Zuckerberg. (Potischman, Neal) (Filed on 12/3/2021) (Entered: 12/03/2021)

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  • 12/03/2021
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  • Docket(#13) Certificate of Interested Entities by Nick Clegg, Meta Platforms, Inc., Susan J.S. Taylor, David M. Wehner, Mark Zuckerberg (Potischman, Neal) (Filed on 12/3/2021) (Entered: 12/03/2021)

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  • 12/03/2021
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  • Docket(#12) Rule 7.1 Disclosures by Nick Clegg, Meta Platforms, Inc., Susan J.S. Taylor, David M. Wehner, Mark Zuckerberg (Potischman, Neal) (Filed on 12/3/2021) (Entered: 12/03/2021)

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1 More Docket Entries
  • 11/24/2021
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  • Docket(#10) CLERK'S NOTICE SETTING CASE MANAGEMENT CONFERENCE. Case Management Statement due by 2/8/2022. Initial Case Management Conference set for 2/15/2022 02:00 PM in Oakland, - Videoconference Only. This proceeding will be held via a Zoom webinar.Webinar Access: All counsel, members of the public, and media may access the webinar information at #https://www.cand.uscourts.gov/jst Court Appearances: Advanc ed notice is required of counsel or parties who wish to be identified by the court as making an appearance or will be participating in the argument at the hearing. One list of names of all counsel appearing for all parties must be sent in one email to the CRD at JSTCRD@cand.uscourts.gov no later than February 14, 2022 by 2:00 p.m.General Order 58. Persons granted access to court proceedings held by telephone or videoconference are reminded that photographing, recording, and rebroadcasting of court proceedings, including screenshots or other visual copying of a hearing, is absolutely prohibited.Zoom Guidance and Setup: #https://www.cand.uscourts.gov /zoom/. Case Management Statement due by 2/8/2022. Initial Case Management Conference set for 2/15/2022 02:00 PM in Oakland, - Videoconference Only. (mll, COURT STAFF) (Filed on 11/24/2021) (Entered: 11/24/2021)

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  • 11/24/2021
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  • Docket(#9) ORDER REASSIGNING CASE. Case reassigned to Judge Jon S. Tigar for all further proceedings. Judge Edward J. Davila no longer assigned to case, Notice: The assigned judge participates in the Cameras in the Courtroom Pilot Project. See General Order No. 65 and http://cand.uscourts.gov/cameras. Signed by Clerk on 11/24/2021. (Attachments: #1 Notice of Eligibility for Video Recording)(jml, COURT STAFF) (Filed on 11/24/2021) (Entered: 11/24/2021)

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  • 11/23/2021
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  • Docket(#8) ORDER RELATING CASE. Motions terminated: (7 in 4:21-cv-08812-JST) MOTION to Relate Case filed by Barry G. Depot. Signed by Judge Jon S. Tigar on November 23, 2021. (mll, COURT STAFF) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/17/2021
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  • Docket(#7) NOTICE by Barry G. Depot of Pendency of Other Action or Proceeding Pursuant to Civil Local Rule 3-13 (Joost, Jennifer) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/17/2021
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  • Docket(#6) Summons Issued as to Nick Clegg, Meta Platforms, Inc., Susan J.S. Taylor, David M. Wehner, Mark Zuckerberg. (sfb, COURT STAFF) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/17/2021
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  • Docket(#5) Initial Case Management Scheduling Order with ADR Deadlines: Notice: The assigned judge participates in the Cameras in the Courtroom Pilot Project. See General Order No. 65 and http://cand.uscourts.gov/cameras. Case Management Statement due by 3/17/2022. Initial Case Management Conference set for 3/24/2022 10:00 AM in San Jose, Courtroom 4, 5th Floor. (Attachments: #1 Notice of Eligibility for Video Recording)(sfb, COURT STAFF) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/16/2021
  • Docket(#4) Case assigned to Judge Edward J. Davila. Counsel for plaintiff or the removing party is responsible for serving the Complaint or Notice of Removal, Summons and the assigned judge's standing orders and all other new case documents upon the opposing parties. For information, visit E-Filing A New Civil Case at http://cand.uscourts.gov/ecf/caseopening.Standing orders can be downloaded from the court's web page at www.cand.uscourts.gov/judges. Upon receipt, the summons will be issued and returned electronically. Counsel is required to send chambers a copy of the initiating documents pursuant to L.R. 5-1(e)(7). A scheduling order will be sent by Notice of Electronic Filing (NEF) within two business days. (cv, COURT STAFF) (Filed on 11/16/2021) (Entered: 11/16/2021)

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  • 11/16/2021
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  • Docket(#3) Certificate of Interested Entities by Barry G. Depot re #1 Complaint, (Joost, Jennifer) (Filed on 11/16/2021) (Entered: 11/16/2021)

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  • 11/16/2021
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  • Docket(#2) Proposed Summons. (Joost, Jennifer) (Filed on 11/16/2021) (Entered: 11/16/2021)

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  • 11/16/2021
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  • Docket(#1) COMPLAINT for Violations of the Federal Securities Laws against All Defendants ( Filing fee $ 402, receipt number ACANDC-16632910.). Filed byBarry G. Depot. (Attachments: #1 Certification of Barry G. Depot, #2 Civil Cover Sheet)(Joost, Jennifer) (Filed on 11/16/2021) (Entered: 11/16/2021)

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