Lawsuit Accuses Facebook Parent Meta Of Misguiding Investors Regarding Apple's Privacy Policy

A proposed class-action lawsuit alleged Meta Platforms Inc FB misguided investors into believing that the impacts of privacy tweaks to Apple Inc's AAPL iOS software for iPhones "were manageable," Bloomberg reports.
The lawsuit corroborated that Meta made the statement before disclosing its expectation to lose $10 billion in ad revenue in 2022 due to the changes.
The lawsuit claimed that Meta only "fully revealed" the "significant headwinds" for Meta's advertising business after it announced a grim earnings report on February 2.
Related Content: After Google, Apple's Privacy Update Proves Costly For Facebook: Bloomberg
Meta is reeling from changes made in 2021 by Apple, which mandated user consent for tracking by the app makers.
The privacy update hit Meta's Facebook business hard that majorly depended on user data to sell targeted ads.
Price Action: FB shares closed higher by 2.34% at $194.75 on Tuesday.