Cambridge Analytica has issued a statement announcing its final closure after filing for bankruptcy, as it cannot reverse the repercussions of the scandal on the unauthorized use of Facebook user data.
Cambridge Analytica goes bankrupt after Facebook scandal
Over the past few months, Cambridge Analytica has been the subject of numerous allegations and, despite the company’s efforts to correct the registration, it has been vilified by activities that are not only legal but also widely accepted as a standard component of online advertising.
In the news release, they have made it clear that they maintain their innocence, that they have been the victim of circumstances, and that the media have played an important role in damaging the company’s reputation.
[…] the siege of media coverage has alienated virtually all of the Company’s customers and suppliers. As a result, it has been determined that it is no longer viable to continue operating the business.
They have also published the report of the lawyer hired to conduct an independent and internal investigation of the company’s activities. An extensive report that analyzes different aspects, explaining the dynamics that the company has followed in different scenarios related to the accusations against it, reaching the conclusion of the lawyer, which are not supported by facts.
The closure is immediate, closing operations in both the U.S. and the U.K., so they have already announced the effective layoff of all their employees.