05:40 PM EDT, 09/18/2024 (MT Newswires) -- Meta Platforms ( META ) has prevailed in an investor lawsuit, alleging changes to Apple's (AAPL) operating system that took effect more than three years ago lowered value of Facebook and Instagram platforms to advertisers, convincing the federal judge overseeing the lawsuit to throw out the case.

The plaintiffs filed their complaint in federal court in Oakland, California, in 2022, arguing Meta failed to disclose how changes Apple made in 2020 letting users restrict how information is gathered about people using Apple devices online reduced the value of Meta's social media as advertising vehicles, driving down revenues and the company's share price.

Other actions by Meta executives, such as suppressing unflattering news reports about the company or allowing former chief operating officer Sheryl Sandberg to use company resources and employees help her prepare for her wedding, also negatively affected its stock price, the plaintiffs said.

US District Judge Yvonne Gonzalez Rogers rejected those claims, however, writing the plaintiffs did not demonstrate their case, even after they were given opportunities to revise and fine tune their charges.

"The fact that Meta has used substantially this same disclosure language for about a decade further undermines plaintiffs' claims that a reasonable investor could read," Gordon said, dismissing the case with prejudice, meaning it can't be reopened.

The company and attorneys for both sides did not immediately respond to a request for comment by MT Newswires.

Meta shares were 0.2% higher in after-hours activity Wednesday.

Price: 539.09, Change: +1.14, Percent Change: +0.21