Following allegations of harm to children, Ohio AG sues Facebook (Meta) for securities fraud
Ohio Attorney General Dave Yost also claims the social networking site mislead the public.
TOLEDO, Ohio — Ohio Attorney General Dave Yost has filed a lawsuit against Facebook, claiming it mislead the public on how it controlled its proprietary algorithm, all in an effort to boost its stock and deceive shareholders.
The lawsuit, filed on behalf of the Ohio Public Employees Retirement System and Facebook investors, contends that from April 29 through October 21 of this year, Facebook and its senior executives violated federal security laws by purposely misleading the public on the negative affects of its products on the health and well-being of children and the steps the company has taken to protect the public.
Yost plans to ask the court by December 27, 2021, the deadline for such motions, to appoint OPERS as the lead plaintiff in his Facebook securities fraud action. He welcomes other Facebook investors to join him in holding the company and its executives accountable.
Yost, in a news release, says he is seeking to correct the period of time when the harmful practices where in place and give Ohio a voice to hold Facebook accountable.