14 DAY TRIAL // Cambridge Analytica, the British political consulting firm involved in the Facebook scandal last month over the use of Facebook data without users' consent, announced on Wednesday that it is closing its doors and already started insolvency proceedings in the U.K.
Both Cambridge Analytica and its British parent SCL Elections Ltd. are shutting down immediately following massive drop in business after the controversy over the handling of Facebook data on more than 87 million users who did not give their consent for the data mining firm to collect and analyze said data for the electoral process or any other political activities they may have conducted.
"Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the Company’s efforts to correct the record," said the company. "In light of those accusations, noted Queen’s Counsel Julian Malins was retained to conduct an independent investigation into the allegations regarding the Company’s political activities."
Cambridge Analytica is immediately ceasing all operations, but may live as Emerdata Ltd
Cambridge Analytica said in the press release (attached at the end of the article for your reading pleasure) published on Wednesday that they are immediately ceasing all operations, and parallel bankruptcy proceedings will soon commence on behalf of the firm, as well as some of its affiliates in the United States at the U.S. Bankruptcy Court for the Southern District of New York, after already commencing insolvency proceedings in the United Kingdom.
However, shortly after their shutting down announcement it was discovered that there's another firm that already took its place, called Emerdata Ltd., which is apparently run by the same investors and management stuff from Cambridge Analytica, and has its headquartered at the same offices as British parent SCL Elections Ltd. So the firm may be gone from our lives as Cambridge Analytica, but may continue to live as Emerdata Ltd.