The U.S. Supreme Court sidestepped on Friday a decision on whether to allow shareholders to proceed with a securities fraud lawsuit accusing Meta's Facebook of misleading investors about the misuse of the social media platform's user data.

The lawsuit was brought by investors who claim they were misled by the social media giant about risks from a massive data breach.

The Supreme Court has dismissed an appeal from Facebook’s owner Meta Platforms of a lawsuit claiming it misled investors in violation of the Securities Exchange Act.