Why Meta Platforms Stock Slumped on Monday

Meta Platforms (NASDAQ: META) received some discouraging news from the highest court in our land Monday, and investors reacted accordingly. They traded the bellwether social media stock down by more than 1% after digesting the legal headlines, on a day when the S&P 500 index closed in positive territory with a 0.2% bump higher.The news came from no less an entity than the U.S. Supreme Court, which declined Meta's request to essentially duck a large class action lawsuit by the company's advertisers. The social media giant had appealed a lower court's decision to allow those disgruntled parties to sue for damages as a group. In making that ruling last March, the 9th U.S. circuit court of appeals in San Francisco said that since the company stood accused of similar alleged misrepresentation of the reach of its ads, those advertisers could band together in a class action suit.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool