Cambridge Analytica announced it will begin bankruptcy proceedings after losing clients, facing mounting legal fees over Facebook scandal.
New York: Cambridge Analytica, the firm at the centre of this year’s Facebook privacy row, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday.
Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.
Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.
The company, whose activities in consulting on political campaigns in India, the US and elsewhere hit the headlines in March, is also the focus of an investigation by the UK Parliament’s committee for digital, culture, media and sport.
Cambridge Analytica announced on May 2 it will begin bankruptcy proceedings after losing clients and facing mounting legal fees because of the scandal over reports that it harvested personal data from 87 million Facebook users beginning in 2014. The firm was hired by President Donald Trump’s 2016 US election campaign.