Cambridge Analytica to file for bankruptcy

04 May, 2018, 07:17 | Author: Essie Rivera
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In a statement, Cambridge Analytica said it would immediately cease operations and bankruptcy proceedings would soon begin. The company has been linked to Donald Trump's election campaign and sparked a scandal when it was revealed it collected Facebook user data inappropriately.

"We will be examining closely the details of the announcements of the winding down of Cambridge Analytica and the status of its parent company", it said in a statement.

Cambridge Analytica said on Wednesday that it had been the subject of "numerous unfounded accusations" and had been "vilified" for activities that were both legal and accepted as a "standard component of online advertising in both the political and commercial arenas". "Cambridge Analytica and SCL group can not be allowed to delete their data history by closing". "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".

Shapiro said he is leading a national investigation with his colleagues to ensure Pennsylvanians and Americans are protected from this kind of unauthorized information sharing.

Many media reports suggested the end of the dubious Cambridge Analytica, Wednesday, but the shady data mining firm that gained prominence, known for harvesting and mining information on people to aid political campaigns globally is not going anywhere, and in fact has been merged in a previously existing Emerdata.

SCL chairman Julian Wheatland, who was reportedly tapped to replace Nix as Cambridge Analytica's CEO before it announced its closure, is listed as Emerdata's CEO, Share Blue Media reported.

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US-based social media giant Facebook has said that almost 5.62 lakh people in India were "potentially affected" by its global data breach involving Cambridge Analytica.

Asked by Canadian lawmakers about how the closure of the businesses would affect the investigation and any possible sanctions, Damian Collins, the chairman of the digital, culture, media and sport committee, said: "It doesn't change our inquiry at all".

Our investigation will continue.

According to Emerdata's Companies House record in the United Kingdom, its business involves "data processing, hosting and related activities", while Alexander Nix, the suspended CEO of CA, was appointed as a director in February, only for this to be terminated in April. That very day Cambridge Analytica's former chief data officer Alexander Tayler replaced Nix as Emerdata's new director.

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