The $16.8 billion loss of Facebook CEO, Mark Elliot Zuckerberg in one day is nearly the total funds the Nigerian government spent in 2017 fiscal year. Facebook shares plunged almost seven percent immediately, and then tumbled over 20 percent during the company's call with investors.
The lawsuit is designed for class-action status and seeks unspecified damages.
"The guidance from management over their expectations for revenue growth to decelerate so markedly for the rest of the year did take us, and the market, by surprise", said Christopher Rossbach, chief investment officer at J. Stern & Co.
The Cambridge Analytica scandal forced the company to be more conscious of its privacy policies and allow users more control over their data. Many have been consolidated in the federal court in San Francisco.
According to the complainant, the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company. But analysts attributed the user growth shortfall largely to European privacy rules that went into effect in May, not to the furor over the political consulting firm with ties to President Donald Trump, which improperly accessed the data of tens millions of Facebook users. He also claims the massive plunge stemmed from "federal securities law violations from the defendants".
Teacher says Faisal Hussain told him: 'I want to kill someone'
When questioned by Fox News, the Royal Candadian Mounted police declined to say whether Hussain was on any kind of watch list. Hussain was not on any federal watchlists associated with the national security, Public Safety Minister Ralph Goodale said.
Thursday's plunge also hit Mr Zuckerberg's bottom line.
On the eve of Zuckerberg's scheduled testimony a year ago, Facebook withdrew the proposal, which would have let him keep control of the social media company even while selling shares to fund his philanthropy.
Overnight, Wall Street's major indexes have closed lower as weak earnings reports from major technology companies led to a big drop for the sector.
Kacouris accuses Facebook and its two top-managers of making misleading statements or failing to disclose slowing revenue growth, falling operating margins and declines in active users. Shares of the social media behemoth fell 19 percent on Wednesday after the company reported second-quarter.