08:14 AM EDT, 10/23/2024 (MT Newswires) -- Meta Platforms ( META ) won a shareholder lawsuit allegedly claiming that the tech giant made false child safety claims, Reuters reported late Tuesday, citing a court decision.

The lawsuit, filed by plaintiff Matt Eisner, alleged that Meta misled stockholders in its proxy statement about the inability to ensure the safety of children who are Facebook and Instagram users, the report said.

The plaintiff failed to provide evidence that shareholders faced economic losses due to the company's alleged insufficient claims, the report said, citing US District Judge Charles Breyer in San Francisco.

"In essence, Eisner would have had Meta argue against its own recommendations, tout the benefits of tools it ultimately rejected, highlight its own failures, and devalue its own successes," the news outlet quoted Breyer as saying. "That is not necessary."

The judge's decision was with prejudice, which meant the plaintiff can not sue Meta and its Chief Executive Mark Zuckerberg again, Reuters said.

Meta did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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