Cambridge Analytica files for bankruptcy

 edition.cnn.com  5/18/2018 8:26:06 AM 

The firm voluntarily submitted a petition to declare bankruptcy at the US Bankruptcy Court Southern District of New York.

The filings note an estimated number of creditors between 1-49, estimated assets of $100,001 -- $500,000 and estimated liabilities of $1,000,001 - $10 million.

Cambridge Analytica ran voter suppression campaigns, whistleblower claims
New York Times: FBI and Justice Dept. investigating Cambridge Analytica
Cambridge Analytica said in a statement in March it was suspending Nix and has denied it misused Facebook data for the Trump campaign.
In a statement announcing their closure in early May, the company stood by its actions, saying it maintains "unwavering confidence that its employees have acted ethically and lawfully," but that "the siege of media coverage" had driven away its customers and suppliers.

"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration," the statement read.

Controversy around Cambridge Analytica's alleged misuse of Facebook data raised a host of new questions about the social media giant's role in the public discourse and elections, and helped prompt renewed scrutiny in Washington, where last month Facebook CEO Mark Zuckerberg testified before committees in both houses of Congress.

CNN's Donie O'Sullivan and Simon Cullen contributed to this report.

« Go back