London-based embattled analytics company Cambridge Analytica has filed for bankruptcy in the Southern District of New York.
The filings note an estimated number of creditors between 1-49, estimated assets of USD 100,001 - USD 500,000 and estimated liabilities of USD 1,000,001 - USD 10 million, CNN reported.
Cambridge Analytica illegally accessed data from millions of Facebook accounts, whistleblower Christopher Wylie had disclosed earlier.
Facebook confirmed the charge in April and informed that the data of a total of 87 million users was used without authorisation by the data firm.
Known for its connection with US President Donald Trump's 2016 Presidential campaign, Cambridge Analytica was recently alleged to have influenced the 2014 general elections in India as well.
According to several media reports, Cambridge Analytica, said in its May 2 statement that it has "been the subject of numerous unfounded accusations" and that it has been vilified for activities that are not only legal, "but also widely accepted as a standard component of online advertising."
The company blamed a "siege of media coverage" for driving away customers and forcing its closure.
This week, the New York Times reported that the US Justice Department and the FBI are investigating the British political consulting firm.
Disclaimer: No Business Standard Journalist was involved in creation of this content
