Analysis Group Experts Support Meta’s Successful Derivative Securities Settlement

March 24, 2026

Analysis Group was retained on behalf of individual directors of Meta Platforms (then Facebook) in a derivative securities litigation filed in the Delaware Court of Chancery. The plaintiffs claimed that Mark Zuckerberg and other Facebook directors breached their fiduciary duties by failing to adequately oversee compliance with a 2012 Federal Trade Commission (FTC) consent order related to users’ data privacy. The plaintiffs’ suit also included insider trading claims against Mark Zuckerberg. 

Analysis Group supported four experts who submitted reports and testified at deposition.

Professor Catherine Tucker examined how Facebook’s protocols and privacy practices during the at-issue period aligned with Facebook’s business model and incentives to provide value to users.

Randal Milch opined on the custom and practice for how boards of directors oversee regulatory and compliance risk management and for firm information sharing with boards.

Professor Patrick Traynor opined on the function and uses of APIs and Facebook’s technical processes and timeline for transitioning third-party app developers’ access to user data.

Professor Ilya Strebulaev was retained as a damages expert.

The parties settled the matter during trial, with Meta agreeing to pay $190 million and institute new internal policies, which included revisions to its whistleblower program, code of conduct, and insider trading policy. Plaintiffs had sought over $8 billion in damages.  

An Analysis Group team led by Managing Principals Gaurav Jetley, Richard Starfield, and Mihran Yenikomshian; Principal Xinyu Ji; Vice Presidents Nick Dadson, Lindsay Greenbaum, Rozi Kepes, Elizabeth Milsark, Lolo Palacios, Shannon Seitz, and Carletta Wong; and Managers Marimer Guevara and Ivan Kirov supported the four experts.