Cambridge Analytica, the political research firm with ties to President Trump’s 2016 campaign, is shutting down.
The company said Wednesday that its parent company, SCL Group, will also be shuttered.
According to a company statement, SCL and Cambridge Analytica’s affiliates in the United Kingdom have commenced insolvency proceedings.
“Additionally, parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica LLC and the certain of the Company’s U.S. affiliates in the United States Bankruptcy Court for the Southern District of New York,” reads the statement.
Cambridge Analytica has been under fire in recent months after it was revealed it improperly obtained the information of as many as 87 million Facebook users ahead of the 2016 presidential election.
An independent investigation was also conducted into the allegations, which was released Wednesday.
The independent report by counsel Julian Malins concludes that the allegations were not “borne out of the facts.”
“I had full access to all members of staff and documents in the preparation of my report. My findings entirely reflect the amazement of the staff, on watching the television programmes and reading the sensationalistic reporting, that any of these media outlets could have been talking about the company for which they worked. Nothing of what they heard or read resonated with what they actually did for a living,” said Malins.
However, the company’s statement says that despite Cambridge Analytica’s “unwavering confidence that its employees have acted ethically and lawfully, which view is now fully supported by Mr. Malins’ report, the siege of media coverage has driven away virtually all of the company’s customers and suppliers.”
“As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration,” reads the statement.
