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China's Great Wall to Launch Electric Car and Hybrid SUV in Europe in 2022

People look at a line of Great Wall cars parked in front of the newly opened car factory of Great Wall Motor Co near the town of Lovech, some 150 km northeast of Sofia February 21, 2012. (Reuters)
People look at a line of Great Wall cars parked in front of the newly opened car factory of Great Wall Motor Co near the town of Lovech, some 150 km northeast of Sofia February 21, 2012. (Reuters)
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China's Great Wall to Launch Electric Car and Hybrid SUV in Europe in 2022

People look at a line of Great Wall cars parked in front of the newly opened car factory of Great Wall Motor Co near the town of Lovech, some 150 km northeast of Sofia February 21, 2012. (Reuters)
People look at a line of Great Wall cars parked in front of the newly opened car factory of Great Wall Motor Co near the town of Lovech, some 150 km northeast of Sofia February 21, 2012. (Reuters)

Great Wall Motor will launch an electric compact car and a plug-in hybrid SUV in Europe in 2022, it said on Monday, joining a growing number of Chinese carmakers trying their luck on the continent with low or zero-emission vehicles.

The company said at the IAA car show in Munich it will start taking orders for the Coffee 01 plug-in SUV for the German market at the end of 2021. Deliveries of the vehicle, which will have an electric range of 150 kms (93.2 miles) and will be marketed under Great Wall's WEY brand, will start in the first half of 2022.

The IAA show is the first major motor industry event worldwide since the COVID-19 pandemic.

The Chinese carmaker said it will announce other European markets besides Germany for the Cofee 01 soon. The company will also launch its first European "brand experience center" in Munich in early 2022.

Great Wall said the compact electric car, which will fall under its ORA brand and have a range of up to 400 kms, will also come to Europe in 2022. Orders will open for the ORA CAT toward the end of 2021, but the company did not specify in which markets it will be sold.

Chinese electric vehicle (EV) maker Nio Inc said in May that it had launched its first overseas store in Norway.

Rivals Xpeng Inc and BYD already sell electric cars in Europe.

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US Supreme Court Tosses Case Involving Securities Fraud Suit against Facebook

A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
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US Supreme Court Tosses Case Involving Securities Fraud Suit against Facebook

A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)

The US 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 justices, who heard arguments in the case on Nov. 6, dismissed Facebook's appeal of a lower court's ruling that had allowed a 2018 class action led by Amalgamated Bank to proceed. The Supreme Court opted not resolve the underlying legal dispute, determining that the case should not have been taken up. Its action leaves the lower court's decision in place, Reuters reported. 
The court's dismissal came in a one-line order that provided no explanation. The Facebook dispute was one of two cases to come before the Supreme Court this month involving the right of private litigants to hold companies to account for alleged securities fraud. The other one, involving the artificial intelligence chipmaker Nvidia, was argued on Nov. 13. The Supreme Court has not ruled yet in the Nvidia case.
The plaintiffs in the Facebook case claimed the company unlawfully withheld information from investors about a 2015 data breach involving British political consulting firm Cambridge Analytica that affected more than 30 million Facebook users. They accused Facebook of misleading investors in violation of the Securities Exchange Act, a 1934 federal law that requires publicly traded companies to disclose their business risks. Facebook's stock fell following 2018 media reports that Cambridge Analytica had used improperly harvested Facebook user data in connection with Donald Trump's successful US presidential campaign in 2016. The investors have sought unspecified monetary damages in part to recoup the lost value of the Facebook stock they held.
At issue was whether Facebook broke the law when it failed to detail the prior data breach in subsequent business-risk disclosures, and instead portrayed the risk of such incidents as purely hypothetical.
Facebook argued that it was not required to reveal that its warned-of risk had already materialized because "a reasonable investor" would understand risk disclosures to be forward-looking statements. President Joe Biden's administration supported the shareholders in the case.
US District Judge Edward Davila dismissed the lawsuit but the San Francisco-based 9th US Circuit Court of Appeals revived it.
The Cambridge Analytica data breach prompted US government investigations into Facebook's privacy practices, various lawsuits and a US congressional hearing. The US Securities and Exchange Commission in 2019 brought an enforcement action against Facebook over the matter, which the company settled for $100 million. Facebook paid a separate $5 billion penalty to the US Federal Trade Commission over the issue.
The Supreme Court in prior rulings has limited the authority of the Securities and Exchange Commission, the federal agency that polices securities fraud.