02:11 PM EDT, 06/10/2024 (MT Newswires) -- (Updates with additional information throughout and attempt to reach out to Meta in the last paragraph.)

The US Supreme Court on Monday agreed to review a shareholder lawsuit accusing Meta Platforms ( META ) of misleading investors about the data-harvesting scandal involving consulting firm Cambridge Analytica.

By taking on the case, justices will decide federal appeals court's ruling holds on a shareholder suit accusing the social networking company of failing to adequately disclose the risks to its share price to proceed.

The case will go before the Supreme Court during its next term beginning October. It has its roots in the controversy surrounding Cambridge Analytica following 2016 presidential election and how it allegedly culled information to determine likely voter preferences and allegedly tailored advertising on the social media to target voters.

Meta did not immediately respond to a request for comments. Its shares were 1% higher in midday trading.

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