
Ohio Attorney General sues Meta over revelations from the 'Facebook Papers'
CNN
Ohio Attorney General Dave Yost on Monday announced that he is suing Meta, the social media giant formerly known as Facebook, based on revelations from whistleblower Frances Haugen and the trove of internal company documents she leaked.
The securities lawsuit, filed on behalf of the Ohio Public Employees Retirement System and other investors, alleges that the company misled the public about its algorithm and the harms the company's own research showed its apps can cause to users. It claims that Facebook-turned-Meta executives violated securities law by making false statements about the "safety, security and privacy of its platforms" in order to boost its stock. Meta (FB) shares have fallen around 7% since reporting on Haugen's claims and the internal documents began two months ago, harming investors to the tune of more than $100 billion, according to the lawsuit.
"[Meta] repeatedly misrepresented to investors and the public that use of Facebook's products does not harm children, that the Company takes aggressive and effective measures to stop the spread of harmful content, and that Facebook applies its standards of behavior equally to all users," the lawsuit alleges.