Firm at center of Facebook privacy controversy files for bankruptcy

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Cambridge Analytica, the company at the heart of the Facebook privacy controversy, is shutting down and filing for bankruptcy in both the U.S. and U.K..

At the same time, the company posted the results of an independent investigation into accusations involving the company’s political activities.

In a statement posted at its Web site, the research firm said it and its affiliate, SCL Elections Ltd., have been the subject of numerous attacks and accusations that simply aren’t true.

“Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the Company’s efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas,” the statement noted.

An independent investigation led by lawyer Julian Malin concluded the allegations leveled against the company, “are not borne out by the facts.”

“I had full access to all members of staff and documents in the preparation of my report,” wrote Mailn. “My findings entirely reflect the amazement of the staff, on watching the television programmes and reading the sensationalistic reporting, that any of these media outlets could have been talking about the company for which they worked.  Nothing of what they heard or read resonated with what they actually did for a living.”

Cambridge Analytica was involved in the gathering and apparent misuse of data collected from 87 million Facebook users through an app that was marketed as a personality test.

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