Judge Rejects Efforts By Alphabet, ByteDance, Meta Platforms, Snap To Dismiss Litigation Over Alleged Harms That Children Suffer From Using Social Media
Portfolio Pulse from Benzinga Newsdesk
A judge has dismissed attempts by Alphabet, ByteDance, Meta Platforms, and Snap to end litigation accusing them of causing harm to children through social media use. The companies must now face the legal challenges presented by the allegations.
November 14, 2023 | 4:56 pm
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Alphabet's subsidiary Google faces continued legal challenges as a judge rejects its motion to dismiss litigation over alleged harms to children from social media.
The rejection of Alphabet's dismissal request likely leads to negative sentiment among investors due to potential legal costs and reputational damage. This could result in a short-term negative impact on Alphabet's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Alphabet's Class A shares face potential negative impact as the company is required to continue defending against claims of harm to children from social media.
The ongoing legal proceedings may concern investors about Alphabet's future expenses and possible settlements, which could negatively affect the stock price of GOOGL in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Meta Platforms is set to face legal proceedings after a judge denies its request to dismiss a lawsuit over alleged harms to children from social media.
Meta's inability to dismiss the lawsuit may lead to increased legal costs and negative public perception, potentially harming the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Snap Inc. will continue to face legal accusations after a judge denies its motion to dismiss a lawsuit concerning alleged harms to children from social media.
The legal setback for Snap could lead to investor concerns about potential financial and reputational repercussions, likely causing a short-term dip in SNAP's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80