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Facebook, Inc. v. Amalgamated Bank

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Supreme Court of the United States
Facebook, Inc. v. Amalgamated Bank
Term: 2024
Important Dates
Argued: November 6, 2024
Decided: November 22, 2024
Outcome
dismissed as improvidently granted
Vote
N/A
Majority
Per curiam

Facebook, Inc. v. Amalgamated Bank is a case that was decided by the Supreme Court of the United States on November 22, 2024, during the court's October 2024-2025 term. The case was argued on November 6, 2024.

In a per curiam ruling, the Court dismissed the case as improvidently granted.[1] A per curiam decision is issued collectively by the court. The authorship is not indicated.

HIGHLIGHTS
  • The issue: The case concerned a class action lawsuit alleging securities fraud on the part of Facebook, and corporate risk disclosures to shareholders. Click here to learn more about the case's background.
  • The questions presented: "Are risk disclosures false or misleading when they do not disclose that a risk has materialized in the past, even if that past event presents no known risk of ongoing or future business harm?"[2]
  • The outcome: The U.S. Supreme Court dismissed as improvidently granted.


    • The case came on a writ of certiorari to the United States Court of Appeals for the Ninth Circuit. To review the lower court's opinion, click here.

    Background

    Case summary

    The following are the parties to this case:[3]

    • Petitioner: Facebook, Inc., et al.
      • Legal counsel: Kannon K. Shanmugam (Paul, Weiss, Rifkind, Wharton & Garrison LLP), Joshua Seth Lipshutz (Gibson, Dunn & Crutcher LLP)
    • Respondent: Amalgamated Bank, et al.
      • Legal counsel: Kevin K. Russell (Goldstein, Russell & Woofter LLC)

    The following summary of the case was published by SCOTUSblog:[4]

    “ The justices granted review in Facebook v. Amalgamated Bank, a case in which shareholders of the company then known as Facebook allege that the company defrauded them when it filed a form with the Securities and Exchange Commission indicating that the misuse of its users’ personal data by third parties was a hypothetical risk that could have a negative effect on the company if it actually happened. In reality, the shareholders contend, the British political consulting company Cambridge Analytica had already misused Facebook users’ personal data when Facebook filed the form. The U.S. Court of Appeals for the 9th Circuit allowed the lawsuit to go forward, prompting Facebook to go to the Supreme Court.[5] ”

    To learn more about this case, see the following:

    Timeline

    The following timeline details key events in this case:

    • November 22, 2024: The U.S. Supreme Court dismissed as improvidently granted.
    • November 6, 2024: The U.S. Supreme Court heard oral argument.
    • June 10, 2024: The U.S. Supreme Court agreed to hear the case.
    • March 4, 2024: Facebook, Inc., et al. appealed to the U.S. Supreme Court.
    • October 18, 2023: The United States Court of Appeals for the Ninth Circuit reversed the United States District Court for the Northern District of California's dismissal of the case based on risk and user statements, and affirmed the district court's dismissal based on the Cambridge Analytica investigation statements. The court also denied Facebook, Inc.'s requests for a panel rehearing and a rehearing en banc.[6]

    Questions presented

    The petitioner presented the following questions to the court:[2]

    Questions presented:
    “ Are risk disclosures false or misleading when they do not disclose that a risk has materialized in the past, even if that past event presents no known risk of ongoing or future business harm?[5] ”

    Oral argument

    Audio

    Audio of oral argument:[7]




    Transcript

    Transcript of oral argument:[8]

    Outcome

    In a per curiam ruling, the Court dismissed the case as improvidently granted.[1] A per curiam decision is issued collectively by the court. The authorship is not indicated. Click here for more information.


    Text of the opinion

    Read the full opinion here.

    October term 2024-2025

    See also: Supreme Court cases, October term 2024-2025

    The Supreme Court began hearing cases for the term on October 7, 2024. The court's yearly term begins on the first Monday in October and lasts until the first Monday in October the following year. The court generally releases the majority of its decisions in mid-June.[9]


    See also

    External links

    Footnotes

    1. ↑ 1.0 1.1 U.S. Supreme Court, Facebook, Inc. v. Amalgamated Bank, decided November 22, 2024
    2. ↑ 2.0 2.1 U.S. Supreme Court, "23-980 FACEBOOK, INC. V. AMALGAMATED BANK," June 10, 2024
    3. ↑ Supreme Court of the United States, "No. 23-980," accessed August 13, 2024
    4. ↑ SCOTUSblog, "Justices to review Meta investors’ data-harvesting suit and Medicare payments calculation," June 10, 2024
    5. ↑ 5.0 5.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
    6. ↑ U.S. Court of Appeals for the 9th Circuit, United States v. Steven Pastore, Salvatore Delligatti, decided June 8, 2022
    7. ↑ Supreme Court of the United States, "Oral Argument - Audio," argued November 6, 2024
    8. ↑ Supreme Court of the United States, "Oral Argument - Transcript," argued November 6, 2024
    9. ↑ SupremeCourt.gov, "The Supreme Court at Work: The Term and Caseload," accessed January 24, 2022
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