Meta Platforms, Inc.’s (NASDAQ: FB) Facebook has been sued by the attorney general (AG) of Texas for violating the state’s privacy protections, the Wall Street Journal said citing a person with knowledge of the matter.
Facebook has been accused of using facial-recognition technology that captures biometric information of its users from their videos and photos without their consent. It has also been alleged that the social networking platform reveals this data to others and does not destroy it within a reasonable time.
Ken Paxton, the AG of Texas, said, “This is yet another example of Big Tech’s deceitful business practices and it must stop.”
A Meta spokesperson said, “These claims are without merit and we will defend ourselves vigorously.”
The lawsuit has been filed in a state court in Marshall and seeks civil penalties of hundreds of billions of dollars.
The lawsuit said, “Facebook repeatedly captured Texans’ biometric identifiers without consent, not hundreds, or thousands, or millions of times — but billions of times.”
Price Target
Based on 32 Buys, 11 Holds and 1 Sell, Meta has a Moderate Buy consensus rating. The average FB price target of $332.14 implies 52.6% upside potential from current levels. Shares have lost 36.2% over the past six months.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Meta’s performance.
According to the tool, compared to the previous year, Meta’s website traffic has registered a nearly 9% decline in global visits year-to-date.
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