This case was last updated from U.S. District Courts on 02/10/2022 at 06:17:56 (UTC).

Ngian v. Facebook, Inc. et al

Case Summary

On October 27, 2021, Wee Ann Ngian (“Plaintiff”), represented by Phillip Kim of The Rosen Law Firm, filed a civil action against Facebook, Inc. (“Facebook”) and David M. Wehner (collectively, “Defendants”), seeking monetary damages, costs, pre-judgment interest, and other relief for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). This case was filed in the United States District Court in the Eastern District of New York with Judges Margo K. Brodie and Ramon E. Reyes, Jr. presiding.

In the complaint, Plaintiff alleged that, “On November 3, 2016, Facebook filed with the SEC a Form 10-Q quarterly report for the quarter ended September 30, 2016 (“3Q 2016 10-Q”). The 3Q 2016 10-Q was signed by Defendant Wehner. Attached to the 3Q 2016 10-Q were certifications pursuant to the SarbanesOxley Act of 2002 (“SOX”) signed by Defendants Zuckerberg and Wehner attesting to the accuracy of financial reporting, the disclosure of any material changes to the Company’s internal control over financial reporting and the disclosure of all fraud.”

Plaintiff further alleged that, “The 3Q 2016 10-Q stated that, between September 30, 2013 and September 30, 2016, Facebook’s monthly active users (“MAUs”) grew from 199 million to 229 million in the United States and Canada. The 3Q 2016 10-Q also stated that, during the same time frame, Facebook’s MAUs in Europe grew from 276 million to 342 million.”

Plaintiff also alleged that, “The statements referenced in ¶¶15-34 above were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Facebook misrepresented its user growth; (2) Facebook knew, or should have known, that duplicate accounts represented a greater portion of its growth than stated, and it should have provided more detailed disclosures as to the implication of duplicate accounts to Facebook’s user base and growth; (3) Facebook did not provide a fair platform for speech, and regularly protected high profile users via its Cross Check/XCheck system; (4) despite being aware of their use of Facebook’s platforms, the Company failed to respond meaningfully to drug cartels, human traffickers, and violent organizations; (5) Facebook has been working to attract preteens to its platform and services; and (6) as a result, Defendants’ public statements were materially false and misleading at all relevant times.”

There are two claims for relief laid down by Plaintiff. The first claim is for alleged violation of Section 10(b) of The Exchange Act and Rule 10b-5. The second claim is for alleged violation of Section 20(a) of The Exchange Act.

In the prayer for relief, Plaintiff has requested the court to determine that the instant action may be maintainable as a class action. Plaintiff also requested the court for an order requiring Defendants to pay damages sustained by Plaintiff and the Class by reason of the acts and transactions along with costs, attorneys’ fees, and pre- and post-judgement interest, or any other relief that the court deems appropriate.

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-05976

  • Filing Date:

    10/27/2021

  • Case Status:

    Disposed - Other Disposed

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Margo K. Brodie

Referral Judge

Ramon E. Reyes, Jr

 

Party Details

Plaintiff

Wee Ann Ngian

Petitioners

KBC Asset Management NV

California Public Employees' Retirement System

Ohio Public Employees Retirement System

PFA Pension, Forsikringsaktieselskab

Rahul Saraf

Defendants

Facebook, Inc.

Mark Zuckerberg

David M. Wehner

Attorney/Law Firm Details

Plaintiff Attorney

Phillip Kim

Attorney at The Rosen Law Firm

275 Madison Avenue, 40Th Floor

New York, NY 10016

Petitioner Attorneys

William H. Narwold

Attorney at Motley Rice LLC

20 Church Street, 17Th Floor

Hartford, CT 06103

Jeroen Van Kwawegen

Attorney at Bernstein Litowitz Berger & Grossmann LLP

1251 Avenue Of The Americas, Ste 44Th Floor

New York, NY 10020

Defendant Attorneys

Charles S. Duggan

Attorney at Davis Polk & Wardwell LLP

450 Lexington Ave.

New York, NY 10017

James Paul Rouhandeh

Attorney at Davis, Polk & Wardwell

450 Lexington Avenue

New York, NY 10017

 

Court Documents

#28

(#28) The Court directs the Clerk of Court to transfer this case to the United States District Court for the Northern District of California. The Court offers no opinion on the merits of the action. The decision on the pending motions for appointment as lead plaintiff and approval of lead counsel pursuant to Federal Rule 23 and section 21D(a)(3)(B) of the Securities Exchange Act is reserved for the transferee Court. The Court waives the provision of Local Rule 83.1, which requires a seven day stay. No summons shall issue from this Court. The Clerk of Court is directed to close this case. Ordered by Chief Judge Margo K. Brodie on 1/6/2022. (Okonta, Patricia) (Entered: 01/06/2022)

#27

(#27) Letter to Judge Brodie from Charles S. Duggan Joining in and Supporting the Letter Request by the Ohio Public Employees Retirement System and PFA Pension Fund, Forsikringsaktieselskab dated December 28, 2021, for leave to file a motion to transfer this case to the United States District Court for the Northern District of California pursuant to 28 U.S.C. 1404(a) by Facebook, Inc., David M. Wehner, Mark Zuckerberg (Duggan, Charles) (Entered: 01/04/2022)

#26

(#26) Letter to the Court RE non-opposition to transfer of case to the Northern District of California by Wee Ann Ngian (Kim, Phillip) (Entered: 01/04/2022)

#25

(#25) Letter by KBC Asset Management NV (Narwold, William) (Entered: 01/03/2022)

24 #1

Exhibit A - Lead Plaintiff Filing in CA Action

24 #24

Main Document

#23

(#23) Letter MOTION for pre motion conference regarding change of venue by Ohio Public Employees Retirement System, PFA Pension, Forsikringsaktieselskab. (Van Kwawegen, Jeroen) (Entered: 12/28/2021)

#22

(#22) Corporate Disclosure Statement by PFA Pension, Forsikringsaktieselskab identifying Corporate Parent PFA Holding A/S for PFA Pension, Forsikringsaktieselskab. (Van Kwawegen, Jeroen) (Entered: 12/28/2021)

19 #1

Proposed Order

#6

(#6) Corporate Disclosure Statement by Facebook, Inc., David M. Wehner, Mark Zuckerberg (Duggan, Charles) (Entered: 11/29/2021)

#5

(#5) NOTICE of Appearance by Charles S. Duggan on behalf of Facebook, Inc., David M. Wehner, Mark Zuckerberg (aty to be noticed) (Duggan, Charles) (Entered: 11/29/2021)

#4

(#4) This attorney case opening filing has been checked for quality control. See the attachment for corrections that were made, if any. (Bowens, Priscilla) (Entered: 10/27/2021)

#3

(#3) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Bowens, Priscilla) (Entered: 10/27/2021)

#2

(#2) Summons Issued as to All Defendants. (Bowens, Priscilla) (Entered: 10/27/2021)

1 #3

Proposed Summons

1 #2

Civil Cover Sheet

1 #1

PSLRA Certification

1 #1

Main Document

54 More Documents Available
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Docket Entries

  • 01/07/2022
  • DocketCase transferred to the Northern District California. Case Extracted Via ECF ALL FILINGS ARE TO BE MADE IN THE TRANSFER COURT, DO NOT DOCKET TO THIS CASE. (Piper, Francine) (Entered: 01/07/2022)

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  • 01/06/2022
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  • Docket(#28) The Court directs the Clerk of Court to transfer this case to the United States District Court for the Northern District of California. The Court offers no opinion on the merits of the action. The decision on the pending motions for appointment as lead plaintiff and approval of lead counsel pursuant to Federal Rule 23 and section 21D(a)(3)(B) of the Securities Exchange Act is reserved for the transferee Court. The Court waives the provision of Local Rule 83.1, which requires a seven day stay. No summons shall issue from this Court. The Clerk of Court is directed to close this case. Ordered by Chief Judge Margo K. Brodie on 1/6/2022. (Okonta, Patricia) (Entered: 01/06/2022)

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  • 01/04/2022
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  • Docket(#27) Letter to Judge Brodie from Charles S. Duggan Joining in and Supporting the Letter Request by the Ohio Public Employees Retirement System and PFA Pension Fund, Forsikringsaktieselskab dated December 28, 2021, for leave to file a motion to transfer this case to the United States District Court for the Northern District of California pursuant to 28 U.S.C. 1404(a) by Facebook, Inc., David M. Wehner, Mark Zuckerberg (Duggan, Charles) (Entered: 01/04/2022)

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  • 01/04/2022
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  • Docket(#26) Letter to the Court RE non-opposition to transfer of case to the Northern District of California by Wee Ann Ngian (Kim, Phillip) (Entered: 01/04/2022)

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  • 01/04/2022
  • DocketSCHEDULING ORDER: Pre Motion Conference set for 1/11/2022 12:00 PM by Telephone before Magistrate Judge Ramon E. Reyes Jr. The attorneys are directed to use the AT&T toll-free number 1-888-684-8852 and Access Code 5496961# to participate in the scheduled conference. Ordered by Magistrate Judge Ramon E. Reyes, Jr. on 1/4/2022. (Harrington, Kayla) (Entered: 01/04/2022)

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  • 01/03/2022
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  • Docket(#25) Letter by KBC Asset Management NV (Narwold, William) (Entered: 01/03/2022)

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  • 12/28/2021
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  • Docket(#24) NOTICE by Rahul Saraf of Notice of Filing (Attachments: #1 Exhibit A - Lead Plaintiff Filing in CA Action) (Walker, Daniel) (Entered: 12/28/2021)

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  • 12/28/2021
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  • Docket(#23) Letter MOTION for pre motion conference regarding change of venue by Ohio Public Employees Retirement System, PFA Pension, Forsikringsaktieselskab. (Van Kwawegen, Jeroen) (Entered: 12/28/2021)

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  • 12/28/2021
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  • Docket(#22) Corporate Disclosure Statement by PFA Pension, Forsikringsaktieselskab identifying Corporate Parent PFA Holding A/S for PFA Pension, Forsikringsaktieselskab. (Van Kwawegen, Jeroen) (Entered: 12/28/2021)

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  • 12/27/2021
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  • Docket(#21) AFFIDAVIT/DECLARATION in Support re #19 MOTION to Appoint Counsel and to Appoint Lead Plaintiff filed by Ohio Public Employees Retirement System, PFA Pension, Forsikringsaktieselskab. (Attachments: #1 Exhibit A - Hartzmark Declaration, #2 Exhibit B - Certifications, #3 Exhibit C - Loss Charts, #4 Exhibit D - Joint Declaration, #5 Exhibit E - Ngian Notice of Pendency, #6 Exhibit F - Ohio Notice of Pendency, #7 Exhibit G - Stock Charts, #8 Exhibit H - Bernstein Litowitz Resume, #9 Exhibit I - Symantec Order, #10 Exhibit J - Exxon Order, #11 Exhibit K - James River Order) (Van Kwawegen, Jeroen) (Entered: 12/27/2021)

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11 More Docket Entries
  • 12/01/2021
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  • Docket(#9) ORDER granting #7 Motion to Stay Plaintiff and Defendants' Joint Stipulation and Order. So Ordered by Magistrate Judge Ramon E. Reyes, Jr on 11/30/2021. (Vertus, Miriam) (Entered: 12/01/2021)

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  • 11/30/2021
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  • Docket(#8) NOTICE of Appearance by James Paul Rouhandeh on behalf of Facebook, Inc., David M. Wehner, Mark Zuckerberg (aty to be noticed) (Rouhandeh, James) (Entered: 11/30/2021)

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  • 11/29/2021
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  • Docket(#7) Joint MOTION to Stay . Plaintiff and Defendants' Joint Stipulation and [Proposed] Order by Facebook, Inc., David M. Wehner, Mark Zuckerberg. (Duggan, Charles) (Entered: 11/29/2021)

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  • 11/29/2021
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  • Docket(#6) Corporate Disclosure Statement by Facebook, Inc., David M. Wehner, Mark Zuckerberg (Duggan, Charles) (Entered: 11/29/2021)

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  • 11/29/2021
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  • Docket(#5) NOTICE of Appearance by Charles S. Duggan on behalf of Facebook, Inc., David M. Wehner, Mark Zuckerberg (aty to be noticed) (Duggan, Charles) (Entered: 11/29/2021)

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  • 10/27/2021
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  • Docket(#4) This attorney case opening filing has been checked for quality control. See the attachment for corrections that were made, if any. (Bowens, Priscilla) (Entered: 10/27/2021)

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  • 10/27/2021
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  • Docket(#3) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Bowens, Priscilla) (Entered: 10/27/2021)

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  • 10/27/2021
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  • Docket(#2) Summons Issued as to All Defendants. (Bowens, Priscilla) (Entered: 10/27/2021)

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  • 10/27/2021
  • DocketCase Assigned to Chief Judge Margo K. Brodie and Magistrate Judge Ramon E. Reyes, Jr. Please download and review the Individual Practices of the assigned Judges, located on our #website. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. (Bowens, Priscilla) (Entered: 10/27/2021)

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  • 10/27/2021
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  • Docket(#1) COMPLAINT against Facebook, Inc., David M. Wehner, Mark Zuckerberg filing fee $ 402, receipt number BNYEDC-14972869 Was the Disclosure Statement on Civil Cover Sheet completed -YES,, filed by WEE ANN NGIAN. (Attachments: #1 PSLRA Certification, #2 Civil Cover Sheet, #3 Proposed Summons) (Kim, Phillip) (Entered: 10/27/2021)

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