NewsPublication Date: 2018-05-18
The US branches of Cambridge Analytica and its parent firm SCL have filed for bankruptcy as execs inch closer to ridding themselves of the toxic brand. The filings, submitted to the New York Southern Bankruptcy Court late yesterday, are for a Chapter 7 bankruptcy – akin to liquidation in the UK – which allows the debtor to escape without having to file a repayment plan*. Cambridge Analytica is the firm at the heart of the Facebook data harvesting scandal, which hit headlines following revel...
NewsPublication Date: 2018-05-09
Cambridge Analytica announced last week that it was beginning bankruptcy proceedings, saying the media storm over its use of Facebook data had scared clients away. (Image Source: Bloomberg) Cambridge Analytica announced last week that it was beginning bankruptcy proceedings, saying the media storm over its use of Facebook data had scared clients away. (Image Source: Bloomberg) When the political consulting firm Cambridge Analytica announced last week it would be closing its doors and filing ...
Cambridge Analytica LLC, the American arm of the London-based data analytics firm of the same name, filed for bankruptcy in federal court in New York on Friday. The company submitted a voluntary formal petition for Chapter 7 bankruptcy—liquidation. That document reveals the company has between $1 and $10 million in debt with very little assets. On May 2, SCL Elections Ltd. and its other British affiliates filed similar "insolvency" documents with UK authorities. It was revealed last month t...
NewsPublication Date: 2018-05-02
The embattled political consulting firm Cambridge Analytica announced on Wednesday that it would cease most operations and file for bankruptcy amid growing legal and political scrutiny of its business practices and work for Donald J. Trump’s presidential campaign. The decision was made less than two months after Cambridge Analytica and Facebook became embroiled in a data-harvesting scandal that compromised the personal information of up to 87 million people. Revelations about the misuse of d...