Cambridge Analytica closes down amidst Facebook data use scandals

Cambridge Analytica closes down amidst Facebook data use scandals

"Additionally, parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica LLC and certain of the Company's USA affiliates in the United States Bankruptcy Court for the Southern District of NY", the statement continues.

The closure of the company comes in the wake of rising legal costs in the Facebook investigation and the loss of clients following revelations about the firm in March.

On Wednesday night, CA said it and SCL Elections would be commencing insolvency proceedings after "numerous and unfounded" accusations, vilification, and "siege of media coverage" had "driven away virtually all of the company's customers and suppliers".

"What we need to do is get to the bottom of this issue on behalf of the public and we will do that - we do have the mechanisms to pursue individuals and directors even if the company is no longer operating".

Facebook has said that up to 87 million people may have had data harvested by a personality test app which was then acquired by the company.

Facebook has informed the government that "only 335 people" in India were directly affected through the installation of an app and another 562,120 people were "potentially affected" as friends of those users.

Julian Wheatland, who announced Cambridge Analytica's closure, is also listed as one of the directors of Emerdata. More details could emerge when Cambridge Analytica files for bankruptcy protection in NY, as planned.

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Founded in 2013, as a subsidiary of SCL Group, a consultancy, the company worked on political campaigns with a tech-focused approach, claiming they had a large hand in the success of Donald Trump's election to the presidency of the United States in 2016. Facebook has said its own probe would continue.

That figure was provided to the attorney general's office by Facebook as part of an ongoing investigation.

"We will be examining closely the details of the announcements of the winding down of Cambridge Analytica and the status of its parent company", it said in a statement.

Damian Collins, chair of the Digital, Culture, Media and Sport select committee in the UK House of Commons, implied on Twitter there is a risk Cambridge Analytica might try to delete data important to the investigation.

Collins also said there was no precedent for a senior executive refusing a summons, adding that even Rupert and James Murdoch chose to appear during an investigation into phone hacking.

After Trump won the White House in 2016, in part with the firm's help, Cambridge Analytica CEO Alexander Nix went to more clients to pitch his services, the Times reported a year ago.

Bannon was a former vice president of the London-based firm, and Mueller has asked it to provide internal documents about how its data and analyses were used in the Trump campaign, according to sources familiar with the investigation.

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