This case was last updated from U.S. District Courts on 07/30/2022 at 08:46:22 (UTC).

In re Meta Platforms, Inc. Securities Litigation

Case Summary

On November 12, 2021, Ohio Public Employees Retirement System (“Plaintiff”), represented by Avi Josefson, Hannah G. Ross, and Jonathan D. Uslaner of Bernstein L. Berger & Grossman LLP, filed a civil action against Meta platforms, Inc. formerly known as Facebook, Inc., Mark Zuckerberg, David M. Wehner, and Nick Clegg (collectively, “Defendants”), seeking equitable and injunctive relief for alleged violations of the Exchange Act. This case was filed in the U.S. District Court for the Northern District of California with Judge Jon S. Tigar Presiding.

In the complaint, Plaintiff stated that “Facebook operates the world’s largest family of social networks, enabling more than three billion users worldwide to connect and share content through mobile devices, personal computers, and virtual reality headsets. The Company’s products include its flagship social networking platform, Facebook, which allows people around the world to connect, share, discover, and communicate with each other on personal computers and mobile devices. Facebook’s other products include: Instagram, a community for sharing photos, videos, and private messages; Facebook Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application used by people and businesses to communicate.”

In the complaint, Plaintiff alleged that “the Class Period begins on April 29, 2021, the first trading day after Facebook held its first quarter 2021 earnings call. During the call, which began after the market closed on April 28, 2021, Defendant Zuckerberg stated that ‘for the last several years, we focused a lot on content moderation and privacy work, and I view customer support as the next pillar of the trust and safety work for our services.’ During the call, an analyst questioned Facebook’s executives about the Company’s algorithmic amplification, which could lead to more controversial content being pushed to users’ News Feeds.”

Plaintiff further alleged that “Facebook also made numerous false and misleading statements in its Code of Conduct regarding the Company’s commitment to user safety. For instance, Facebook’s Code of Conduct, which the Company posted to its website during the Class Period, stated that ‘our reach and influence require that we commit and hold ourselves accountable to a high standard, ensuring that we build products and programs that have a positive impact, keep people safe and serve everyone.’ The Code of Conduct also stated that one of Facebook’s five core principles is to ‘keep people safe and protect privacy’ and emphasized that ‘we are committed to protecting our communities from harm.’”

Plaintiff then alleged that “during the Class Period, as detailed herein, Defendants made materially false and misleading statements and omissions, and engaged in a scheme to deceive the market. This artificially inflated the price of Facebook common stock and operated as a fraud or deceit on the Class.”

Plaintiff further alleged that “Defendants’ prior misrepresentations and fraudulent conduct were disclosed to the market, the price of Facebook stock fell precipitously as the prior artificial inflation came out of the price over time. As a result of their purchases of Facebook common stock during the Class Period, Plaintiff and other members of the Class suffered economic loss, i.e., damages, under the federal securities laws.”

Plaintiff additionally alleged that “Defendants are also liable for any false or misleading forward-looking statements pleaded herein because, at the time each such statement was made, the speaker knew the statement was false or misleading and the statement was authorized and/or approved by an executive officer of Facebook who knew that the statement was false.”

Plaintiff presented one claim for relief alleging violations of Section 20(a) and 10(b) of the Exchange Act and Rules 10b-5.

In the prayer for relief, Plaintiff requested a judgment for equitable and injunctive relief along with an award of compensatory damages and civil monetary penalties.

This is a summary of a legal complaint. All statements, claims, and allegations listed herein reflect the position of the plaintiff only and do not represent the position of UniCourt. Additionally, this case summary may not reflect the current position of the parties to this litigation or the current status of this case. To view the latest case updates and court documents, please sign up for a UniCourt account.

Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    4:21-CV-08812

  • Filing Date:

    11/12/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Jon S. Tigar

 

Party Details

Plaintiff

Ohio Public Employees Retirement System

Petitioners and Consolidated Plaintiffs

Barry G. Depot

Juan Perez

PFA Pension, Forsikringsaktieselskab

California Public Employees' Retirement System

Wee Ann Ngian

Rahul Saraf

KBC Asset Management NV

Defendants

Meta Platforms, Inc. f/k/a Facebook, Inc.

Mark Zuckerberg

David M. Wehner

Nick Clegg

Meta Platforms, Inc.

Attorney/Law Firm Details

Plaintiff and Petitioner Attorneys

Hannah G Ross

Attorney at Bernstein Litowitz Berger and Grossmann LLP

1251 Avenue Of The Americas

New York, NY 10020

Avi Josefson

Attorney at Bernstein Litowitz Berger Grossmann LLP

1251 Avenue Of The Americas, 44Th Floor

New York, NY 10020

Jonathan Daniel Uslaner

Attorney at Bernstein Litowitz Berger & Grossman LLP

2121 Avenue Of The Stars, Suite 2575

Los Angeles, CA 90067

Jennifer Lauren Joost

Attorney at Kessler Topaz Meltzer and Check LLP

One Sansome Street, Suite 1850

San Francisco, CA 94104

Daniel S. Drosman

Attorney at Robbins Geller Rudman & Dowd LLP

655 West Broadway, Suite 1900

San Diego, CA 92101

Darren Jay Robbins

Attorney at Robbins Geller Rudman & Dowd LLP

655 West Broadway, Suite 1900

San Diego, CA 92101

Hadiya Khan Deshmukh

Attorney at Robbins Geller Rudman & Dowd LLP

One Montgomery Street, Suite 1800

San Francisco, CA 94104

Jason A. Forge

Attorney at Robbins Geller Rudman and Dowd LLP

655 W. Broadway, Suite 1900

San Diego, CA 92101

Shawn A. Williams

Attorney at Robbins Geller Rudman & Dowd LLP

One Montgomery Street, Suite 1800

San Francisco, CA 94104

Willow E. Radcliffe

Attorney at Robbins Geller Rudman & Dowd LLP

One Montgomery Street, Suite 1800

San Francisco, CA 94104

Laurence Matthew Rosen

Attorney at The Rosen Law Firm, P.A.

355 South Grand Avenue, Suite 2450

Los Angeles, CA 90071

Sophia Marie Rios

Attorney at Berger Montague PC

401 B Street, Suite 2000

San Diego, CA 92101

David Reuven Lev Kaplan

Attorney at Saxena White P.A.

12750 High Bluff Drive, Suite 475

San Diego, CA 92130

Gregg S. Levin

Attorney at Motley Rice LLC

28 Bridgeside Blvd.

Mount Pleasant, SC 29464

Petitioner and Consolidated Plaintiff Attorneys

Jennifer Lauren Joost

Attorney at Kessler Topaz Meltzer and Check LLP

One Sansome Street, Suite 1850

San Francisco, CA 94104

Albert Y. Chang

Attorney at Bottini and Bottini, Inc.

7817 Ivanhoe Avenue, Suite 102

La Jolla, CA 92037

Francis A. Bottini, Jr.

Attorney at Bottini & Bottini, Inc.

7817 Ivanhoe Avenue, Suite 102

La Jolla, CA 92037

Yury A. Kolesnikov

Attorney at Bottini and Bottini, Inc.

7817 Ivanhoe Avenue, Suite 102

La Jolla, CA 92037

Defendant Attorneys

Charles S. Duggan

Attorney at Davis Polk and Wardwell LLP

450 Lexington Avenue

New York, NY 10017

James P. Rouhandeh

Attorney at Davis Polk and Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Neal Alan Potischman

Attorney at Davis Polk & Wardwell

1600 El Camino Real

Menlo Park, CA 94025

1 More Attorneys Available

 

Court Documents

#77

(#77) ORDER CONSOLIDATING CASES, APPOINTING LEAD PLAINTIFF, AND APPROVING LEAD COUNSEL by Judge Jon S. Tigar granting (22) Motion to Appoint Lead Plaintiff and Lead Counsel ; granting (22) Motion to Consolidate Cases; granting (27) Motion to Consolidate Cases; granting (27) Motion to Appoint Lead Plaintiff and Lead Counsel in case 4:21-cv-08812-JST. (mll, COURT STAFF) (Filed on 7/26/2022) (Entered: 07/26/2022)

27 #5

Exhibit D - Declaration of Matthew Jacobs

27 #4

Exhibit C - Estimate of losses

27 #3

Exhibit B - Certification

27 #2

Exhibit A - PSLRA Notice

27 #1

Declaration of Darren J. Robbins in Support

27 #27

Main Document

22 #5

Exhibit D - Hartzmark Declaration

22 #4

Exhibit C - Joint Declaration

7 #4

Proposed Order

7 #1

Declaration of Jennifer L. Joost

6 #1

Notice of Eligibility for Video Recording

6 #6

Main Document

#5

(#5) Summons Issued as to Nick Clegg, Meta Platforms, Inc. f/k/a Facebook, Inc., David M. Wehner, Mark Zuckerberg. (jml, COURT STAFF) (Filed on 11/15/2021) (Entered: 11/15/2021)

#3

(#3) Certificate of Interested Entities by Ohio Public Employees Retirement System (Uslaner, Jonathan) (Filed on 11/12/2021) (Entered: 11/12/2021)

#2

(#2) Proposed Summons. (Uslaner, Jonathan) (Filed on 11/12/2021) (Entered: 11/12/2021)

1 #1

Civil Cover Sheet

1 #1

Main Document

125 More Documents Available
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Docket Entries

  • 07/26/2022
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  • Docket(#77) ORDER CONSOLIDATING CASES, APPOINTING LEAD PLAINTIFF, AND APPROVING LEAD COUNSEL by Judge Jon S. Tigar granting (22) Motion to Appoint Lead Plaintiff and Lead Counsel ; granting (22) Motion to Consolidate Cases; granting (27) Motion to Consolidate Cases; granting (27) Motion to Appoint Lead Plaintiff and Lead Counsel in case 4:21-cv-08812-JST. (mll, COURT STAFF) (Filed on 7/26/2022) (Entered: 07/26/2022)

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  • 04/20/2022
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  • Docket(#76) CLERK'S NOTICE VACATING MOTION HEARING. Before the Court are the Motions to Appoint Lead Plaintiff and Lead Counsel and to Consolidate Cases. ECF No. #22 , #27 . Pursuant to Federal Rule of Civil Procedure 78(b) and Civil Local Rule 7-1(b), the Court finds the matter suitable for disposition without oral argument. The hearing on this matter, currently scheduled for, April 28, 2022, is hereby VACATED. (This is a text-only entry generated by the court. There is no document associated with this entry.) (mll, COURT STAFF) (Filed on 4/20/2022) (Entered: 04/20/2022)

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  • 03/25/2022
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  • Docket(#75) Supplemental Brief re #68 Terminate Deadlines and Hearings,,,,,,,,,,, Order,,,,,,,,,,, Set Motion and Deadlines/Hearings,,,,,,,,,,, Util - Teleconference Zoom,,,,,,,,,,, Terminate Motions,,,,,,,,,,, Set Deadlines/Hearings,,,,,,,,,, filed byOhio Public Employees Retirement System, PFA Pension, Forsikringsaktieselskab. (Related document(s) #68 ) (Uslaner, Jonathan) (Filed on 3/25/2022) (Entered: 03/25/2022)

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  • 03/18/2022
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  • Docket(#74) Supplemental Brief re #68 Terminate Deadlines and Hearings,,,,,,,,,,, Order,,,,,,,,,,, Set Motion and Deadlines/Hearings,,,,,,,,,,, Util - Teleconference Zoom,,,,,,,,,,, Terminate Motions,,,,,,,,,,, Set Deadlines/Hearings,,,,,,,,,, filed byCalifornia Public Employees' Retirement System. (Related document(s) #68 ) (Robbins, Darren) (Filed on 3/18/2022) (Entered: 03/18/2022)

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  • 03/15/2022
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  • Docket(#73) ORDER FINDING AS MOOT REFERRAL FOR PURPOSE OF DETERMINING RELATIONSHIP re (32 in 3:22-cv-01261-VC) Order, (67 in 4:21-cv-08812-JST) Order. Signed by Judge Jon S. Tigar on March 15, 2022. (mll, COURT STAFF) (Filed on 3/15/2022) (Entered: 03/15/2022)

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  • 03/15/2022
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  • Docket(#72) ORDER RELATING CASES. Motions terminated: (70 in 4:21-cv-08812-JST) STIPULATION WITH PROPOSED ORDER re (69) MOTION to Relate Case Administrative Motion to Relate Cases filed by Meta Platforms, Inc., Mark Zuckerberg, David M. Wehner, Nick Clegg, (69 in 4:21-cv-08812-JST) MOTION to Relate Case Administrative Motion to Relate Cases filed by Meta Platforms, Inc., Mark Zuckerberg, David M. Wehner, Nick Clegg.. Signed by Judge Jon S. Tigar on March 15, 2022. (mll, COURT STAFF) (Filed on 3/15/2022) (Entered: 03/15/2022)

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  • 03/14/2022
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  • Docket(#71) RESPONSE re #68 Terminate Deadlines and Hearings,,,,,,,,,,, Order,,,,,,,,,,, Set Motion and Deadlines/Hearings,,,,,,,,,,, Util - Teleconference Zoom,,,,,,,,,,, Terminate Motions,,,,,,,,,,, Set Deadlines/Hearings,,,,,,,,,, by California Public Employees' Retirement System. (Robbins, Darren) (Filed on 3/14/2022) (Entered: 03/14/2022)

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  • 03/07/2022
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  • Docket(#70) STIPULATION WITH PROPOSED ORDER re #69 MOTION to Relate Case Administrative Motion to Relate Cases filed by Nick Clegg, Meta Platforms, Inc., David M. Wehner, Mark Zuckerberg. (Attachments: #1 Exhibit A, #2 Exhibit B)(Potischman, Neal) (Filed on 3/7/2022) (Entered: 03/07/2022)

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  • 03/07/2022
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  • Docket(#69) MOTION to Relate Case Administrative Motion to Relate Cases filed by Nick Clegg, Meta Platforms, Inc., David M. Wehner, Mark Zuckerberg. (Attachments: #1 Certificate/Proof of Service)(Potischman, Neal) (Filed on 3/7/2022) (Entered: 03/07/2022)

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  • 03/03/2022
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  • Docket(#68) ORDER TERMINATING MOTIONS; REQUIRING ADDITIONAL BRIEFING; AND CONTINUING HEARINGS. Responses due by 3/18/2022. Replies due by 3/25/2022. Motion Hearing set for 4/28/2022 02:00 PM in Oakland, - Videoconference Only before Judge Jon S. Tigar. Responses due by 3/11/2022. Replies due by 3/18/2022. 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: Advanced 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 argumen t 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 April 27, 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/., Motions terminated: (25 in 4:21-cv-08812-JST, 25 in 4:21-cv-08812-JST) MOTION to Consolidate Cases 4:21-cv-08812-JST; 4:21-c v-08873-JST; and 4:21-cv-09041-JST MOTION to Appoint Lead Plaintiff and Lead Counsel filed by Wee Ann Ngian, (19 in 4:21-cv-08873-JST, 19 in 4:21-cv-08873-JST) MOTION to Appoint Lead Plaintiff and Lead Counsel MOTION to Consolidate Cases filed by Rahul Saraf, (21 in 4:21-cv-09041-JST, 21 in 4:21-cv-09041-JST) MOTION to Appoint Lead Plaintiff and Lead Counsel MOTION to Consolidate Cases filed by Rahul Saraf, (46 in 4:21-cv-08812-JST, 46 in 4:21-cv-08812-JST) MOTION to Consolidate Cases MOTION to Appoint Lead Plaintiff and Lead Counsel filed by Rahul Saraf, (49 in 4:21-cv-08812-JST, 49 in 4:21-cv-08812-JST) MOTION to Consolidate Cases MOTION to Appoint Lead Plaintiff and Lead Counsel filed by KBC Asset Management NV. Responses due by 3/18/2022. Replies due by 3/25/2022. Motion Hearing set for 4/28/2022 02:00 PM in Oakland, - Videoconference Only before Judge Jon S. Tigar. Responses due by 3/11/2022. Replies due by 3/18/2022.. Signed by Judge Jon S. Tigar on March 3, 2022. (mll, COURT STAFF) (Filed on 3/3/2022) (Entered: 03/03/2022)

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58 More Docket Entries
  • 12/03/2021
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  • Docket(#10) AFFIDAVIT of Service for Complaint and Summons served on Meta Platforms, Inc. f/k/a Facebook, Inc. on 11/16/2021, filed by Ohio Public Employees Retirement System. (Uslaner, Jonathan) (Filed on 12/3/2021) (Entered: 12/03/2021)

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  • 12/03/2021
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  • Docket(#9) NOTICE of Publication by Ohio Public Employees Retirement System (Attachments: #1 Exhibit A - Ohio Notice of Pendency, #2 Exhibit B - Ngian Notice of Pendency, #3 Exhibit C - Depot Notice of Pendency)(Uslaner, Jonathan) (Filed on 12/3/2021) Modified on 12/6/2021 (jml, COURT STAFF). (Entered: 12/03/2021)

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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) MOTION to Relate Case filed by Barry G. Depot. (Attachments: #1 Declaration of Jennifer L. Joost, #2 Exhibit A_OH Public Emps Ret Sys Complaint, #3 Exhibit B_Depot Complaint, #4 Proposed Order)(Joost, Jennifer) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/15/2021
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  • Docket(#6) 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 2/8/2022. Initial Case Management Conference set for 2/15/2022 02:00 PM in Oakland, Courtroom 6, 2nd Floor. (Attachments: #1 Notice of Eligibility for Video Recording)(jml, COURT STAFF) (Filed on 11/15/2021) (Entered: 11/15/2021)

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  • 11/15/2021
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  • Docket(#5) Summons Issued as to Nick Clegg, Meta Platforms, Inc. f/k/a Facebook, Inc., David M. Wehner, Mark Zuckerberg. (jml, COURT STAFF) (Filed on 11/15/2021) (Entered: 11/15/2021)

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  • 11/12/2021
  • Docket(#4) Case assigned to Judge Jon S. Tigar. 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. (anj, COURT STAFF) (Filed on 11/12/2021) (Entered: 11/12/2021)

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  • 11/12/2021
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  • Docket(#3) Certificate of Interested Entities by Ohio Public Employees Retirement System (Uslaner, Jonathan) (Filed on 11/12/2021) (Entered: 11/12/2021)

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  • 11/12/2021
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  • Docket(#2) Proposed Summons. (Uslaner, Jonathan) (Filed on 11/12/2021) (Entered: 11/12/2021)

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  • 11/12/2021
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  • Docket(#1) COMPLAINT with jury demand against Nick Clegg, Meta Platforms, Inc. f/k/a Facebook, Inc., David M. Wehner, Mark Zuckerberg ( Filing fee $ 402, receipt number ACANDC-16622581.). Filed by Ohio Public Employees Retirement System. (Attachments: #1 Civil Cover Sheet)(Uslaner, Jonathan) (Filed on 11/12/2021) Modified on 11/15/2021 (jml, COURT STAFF). (Entered: 11/12/2021)

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