Meta Directors Sued for ‘Outdated’ Focus on Profit Over All Else

Meta Platforms Inc.’s board was by sued by a shareholder activist who says the directors put profit over public safety, broad economic welfare and the interest of diversified stockholders.

The lawsuit was filed by James McRitchie, editor of Corporate Governance and a top proponent of shareholder proposals. He alleges that the leaders of the world’s largest social media company have pursued an “outdated” approach to financial success that disregards the “high costs that Meta imposes on society and the economy.”

“Modern stockholders have modern financial interests in the equity capital that they own, and the company must advance ...