The lawsuit is designed for class-action status and seeks unspecified damages.
At least 16 brokerages cut their price targets on Facebook after managers said the cost of improving privacy safeguards, as well as slowing usage in the biggest advertising markets, would hit the company's profit margins for more than two years. These moves have likely impacted Facebook's earning projections and user numbers, which led to the 24 percent reduction in its stock value.
This is not the first time the social media company has faced lawsuits this year with the company dealing with the aftermath of the Cambridge Analytica scandal. Many have been consolidated in the federal court in San Francisco.
He claims the marketplace was "shocked" when the "truth began to emerge" from the social media giant. This was after a 19 percent one-day plunge in the company's share price.
This allowed Buffer to rank third among the world's billionaires, while Zuckerberg ends up in the sixth spot.
Founder Mark Zuckerberg, who has a 13 per cent stake in Facebook, saw his fortune dropped by more than $US12 billion ($A16 billion) in less than 24 hours, to around $74 billion ($A100 billion).
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The revelation of a massive data leak in March was another factor that hurt the U.S. social networking giant.
Zuckerberg even noted during a call with analysts that "we're investing so much in security that it will significantly impact our profitability".
After the Facebook had reported decline in company's second- quarter earnings, many of its investors dumped its shares.
The S&P 500 technology index fell 2.0 per cent, the most among the major S&P sectors.
Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, in recent years has trimmed, but not eliminated, the amount of Facebook shares in his clients' accounts, and he said he sees the company as a three-year investment.