- Facebook (FB -7.3%) -- its market cap pummeled by nearly $40B after revelations of data misuse by Cambridge Analytica -- has hired a firm to conduct a "comprehensive audit" of the research firm, as well as two individuals who don't work at Cambridge Analytica, including the creator of a personality-profile app that harvested user data.
- Digital forensics firm Stroz Friedberg will do the audit on Facebook's behalf, and Cambridge Analytica has agreed to allow complete access to servers and systems.
- Of the two individuals, app creator Aleksandr Kogan gave verbal agreement to submit to an audit, Facebook says, while Christopher Wylie has declined so far.
- The goal of the audit is to determine whether the data still exists, though it was to be destroyed (and the parties certified had been destroyed).
- Oppenheimer, meanwhile, is reiterating its Outperform rating, saying the decline presents a buying opportunity. Analyst Jason Helfstein has a price target of $225, now implying 31% upside from today's depressed price.
- Now read: Facebook Stock Crashes: Buying Opportunity Or Time To Sell?
Original article