British firm Cambridge Analytica, which is embroiled in a controversy over mishandling Facebook user data, filed for voluntary bankruptcy in a New York court on Friday, Reuters reported. On May 3, the firm said it was shutting down operations along with its parent organisation, SCL Elections Limited, citing losses.
The firm listed assets in the range of $100,001 [approximately Rs 67 lakh] to $500,000 [Rs 33 lakh] and liabilities in the range of $1 million [approximately Rs 6.7 crore] to $10 million [approximately Rs 67 crore].
Cambridge Analytica is under scrutiny for allegedly harvesting the information of over 70 million Facebook users to influence the outcome of the United States presidential election in 2016. In April, parliamentarians in the United Kingdom published evidence about Brexit campaign group Leave.EU benefiting from work done by the firm.