Data scandal-hit Cambridge Analytica files for bankruptcy

Cambridge Analytica has been involved in a privacy storm with Facebook

British political consulting group Cambridge Analytica (CA) filed for voluntary Chapter 7 bankruptcy in the Southern District of NY, court documents showed.

Cambridge Analytica listed assets in the range of $100 001 to $500 000 and liabilities in the range of $1 million to $10 million.

This past March allegations surfaced that Cambridge Analytica, hired by President Donald Trump's 2016 United States election campaign, improperly used data of 87 million Facebook users beginning in 2014.

Cambridge Analytica announced it will begin bankruptcy proceedings after losing clients, facing mounting legal fees over Facebook scandal.

Facebook remains in damage-control mode in the wake of Cambridge Analytica fiasco.

Cambridge Analytica, the data mining firm, which is under investigation by the U.S. Justice Department and the FBI, gained prominence when its dubious practice of harvesting and mining information on people to aid political campaigns globally came to light.

William Hill (WMH) Given Hold Rating at Berenberg Bank
The stock traded as high as GBX 2,261 ($30.67) and last traded at GBX 2,252 ($30.55), with a volume of 1371128 shares traded. Among 12 analysts covering Royal Bank of Scotland Group The PLC ( LON:RBS ), 5 have Buy rating, 1 Sell and 6 Hold.

"Wylie told the panel that Russian-American researcher Aleksandr Kogan, who created an application to harvest Facebook user profile data, was working at the same time on Russian-funded projects, including "behavioral research".

The fallout from the Cambridge Analytica case isn't over, as industry watchers expect it to lead to the adoption of new USA laws that restrict companies' use of consumer data.

Facebook said on Monday it has suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data before the company restricted data access.

The company said "the siege of media coverage" had driven away "virtually all" of its customers and suppliers, and as a result it was no longer viable to continue operating the business.

On 2 May, a statement uploaded on its website said Cambridge Analytica was "immediately ceasing all operations", with the boards appointing insolvency practitioners Crowe Clark Whitehill LLP to act as the independent administrator.

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