The American branch of Cambridge Analytica has filed for bankruptcy, following a barrage of negative attention over the Facebook data leak earlier this year.
The company filed a formal petition for bankruptcy at the Federal Court in New York on 17 May 2018.
In a statement earlier this month, Cambridge Analytica said it had committed no wrongdoing in its involvement in the Facebook data leak and had simply followed standard online advertising practices.
It has now stated it ceased operations and started proceedings toward a bankruptcy filing, which are completed.
“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, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas,” it said.