Cambridge Analytica Files for Bankruptcy

UK-based political consulting firm Cambridge Analytica, which was recently enmeshed in a massive data-harvesting scandal that compromised the personal information of up to 87 million Facebook users, on Thursday filed for voluntary Chapter 7 bankruptcy in the Southern District of New York.

Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.

This comes bare days after the company announced it will shut down operations following a sharp drop in business.

The London firm had blamed “unfairly negative media coverage” for its closure decision and said it has been “vilified” for actions which it claimed are both legal and widely accepted as part of online advertising.

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