Cambridge Analytica is shutting down — but maintains it did nothing wrong

Data analytics firm Cambridge Analytica is shutting down all operations Wednesday, reports The Wall Street Journal.

The firm and its parent company have reportedly struggled to recover from the scandal over its misuse of Facebook user data, losing clients and getting buried in legal fees in recent months. Cambridge Analytica, known for working on data analytics for President Trump's 2016 campaign, came under fire when reports revealed that it had improperly obtained data from upwards of 80 million Facebook users.

The company's chief executive, Alexander Nix, was suspended in March after a video showed him bragging about entrapping politicians as a business tactic. In the wake of the video controversy, the firm said it would conduct an investigation to determine whether any of its political campaign work was conducted unethically or illegally.

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In a statement, Cambridge Analytica defended its actions, claiming that "siege of media coverage" was responsible for driving away customers. The firm detailed its "unwavering confidence that its employees have acted ethically and lawfully," and said that allegations of wrongdoing were "unfounded." Read more at The Wall Street Journal.