03:52 PM EDT, 06/10/2024 (MT Newswires) -- The US Supreme Court said Monday it will review a shareholder lawsuit accusing Facebook parent Meta Platforms ( META ) of misleading investors regarding a data-harvesting scandal involving political consulting firm Cambridge Analytica.

The class-action lawsuit was filed in 2018 after the social-media giant's stock fell following media reports that Cambridge Analytica had used improperly harvested Facebook user data in connection with Donald Trump's successful presidential campaign in 2016.

The plaintiffs amended the complaint in 2018 to add a second stock drop that year amid reports that the company had shared data with several third parties without the express consent of users.

The investors have previously said that the revelations about the scandal contributed to the two price drops that cost the company more than $200 billion in market capitalization.

A US district judge dismissed the complaint in 2021, but the 9th US Circuit Court of Appeals restored the claims.

The justices said Monday they will determine whether the federal appeals court was wrong to allow the compliant to proceed based on allegations that the company inflated share prices by inadequately disclosing the risk that its user data would be misused. The court will hear the case in its next term, which starts in October.

The company didn't respond to MT Newswires' request for comment.

Meta shares were up 1.7% in late afternoon trading.

Meta already has paid a $5.1 billion fine and agreed to a $725 million privacy settlement with users, the Associated Press reported.

Price: 501.11, Change: +8.15, Percent Change: +1.67