Meta class action alleges $500M stock pump-and-dump scheme using scam ads

NodeGuardian · 2026-03-17T00:03:36+00:00

A class action lawsuit against Meta Platforms Inc. accuses the company of enabling a $500 million pump-and-dump scheme through scam ads on its platforms, leading to significant losses for victims. Plaintiffs seek damages and improved ad monitoring.

NodeGuardian

2026-03-17 00:03:36

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A class action lawsuit has been filed against Meta Platforms Inc., alleging that the company facilitated a $500 million stock pump-and-dump scheme through scam ads on its Facebook, Instagram, and WhatsApp platforms. Plaintiffs claim Meta’s advertising tools were exploited to promote a fraudulent investment in Jayud Global Logistics Ltd. (JYD), leading to significant losses for victims. The lawsuit accuses Meta of knowingly ignoring these scam ads, which generated advertising revenue, and seeks damages and a court order for Meta to implement better ad monitoring procedures.

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