Facebook scandal leads Cambridge Analytica to lock out by bankrupcy

Cambridge Analytica announced today that the company haw filed applications to commence insolvency proceedings in the U.K. The Company is immediately ceasing all operations and the boards have applied to appoint insolvency practitioners Crowe Clark Whitehill LLP to act as the independent administrator for Cambridge Analytica.
The multinational consultancy als announced that arallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica LLC and certain of the Company’s U.S. affiliates in the United States Bankruptcy Court for the Southern District of New York.

“Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr. Malins’ report, the siege of media coverage has driven away 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, which left Cambridge Analytica with no realistic alternative to placing the Company into administration.”

Protest following the Cambridge Analytics and Facebook data scandal with Christopher Wylie and Shahmir Sanni before the Parliamant Square (London). Photo by Jwslubbock [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons. To watch the original image, click here

The Political Services Division of Cambridge Analytica worked for Donald Trump’s campaign to the Presidency of the United States of America and for the Yes faction in UK’s referendum on the Brexit. The Marketing Division of the company has received a Marketing New Thinking Award and an ARF David Ogilvy Prize.

Despite the Company’s precarious financial condition, Cambridge Analytica assures that it “intends to fully meet its obligations to its employees, including with respect to notice periods, severance terms, and redundancy entitlements.”
Cambridge Analytica is currently being investigated by U.K. Authorities by misuse of personal data of facebook users, that were collected through an test how is your personality app.

Image over the headline.- Alexander Nix, CEO, Cambridge Analytica, on Centre Stage during day three of Web Summit 2017 at Altice Arena in Lisbon 9th November 2017. Photo by Sam Barnes/Web Summit via Sportsfile [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons. To watch the original image, click here

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