Meta Escapes Lawsuit Claiming It Profits at Society’s Expense

Meta Platforms Inc. and Mark Zuckerberg have escaped investor litigation that claimed their pursuit of profits jeopardized public health, social well-being, and their stockholders’ diversified portfolios.

A shareholder activist didn’t make a persuasive case for changing Delaware and US corporate laws to operate on the assumption that a corporation’s stockholders are diversified, said Vice Chancellor J. Travis Laster, in a 101-page opinion Tuesday for the Delaware Court of Chancery.

“There are reasons to be skeptical,” he said, dismissing the case with prejudice. “The academic literature indicates that a diversified-investor model has drawbacks of its own, and the case for imposing ...