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5/18, 9:20 AM (Source: TeleTrader.com)
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Cambridge Analytica files for bankruptcy in US

London-based data firm associated with the Facebook privacy breach scandal Cambridge Analytica (CA) filed for voluntary bankruptcy in the United States, according to a New York court filing. According to the document, the firm filing listed liabilities worth from $1 million to $10 million.

The company previously announced it will file for bankruptcy in the United States Bankruptcy Court for the Southern District of New York after already filing the application to commence insolvency proceedings in Britain on May 2. CA said that it "has been the subject of numerous unfounded accusations and, despite the Company’s efforts to correct the record," according to its official statement.

As a result, the company lost multiple clients due to privacy concerns sparked by the Facebook scandal.

Breaking the News / VK