Bloomberg Law
Nov. 15, 2021, 5:55 PM

Meta Faces Securities-Fraud Suit by Ohio Over Facebook Algo

Greg Chang
Greg Chang
Bloomberg News

Meta Platforms, the owner of Facebook, was sued by Ohio for securities fraud over holder losses incurred amid publicity about alleged false claims regarding the safety, security and privacy of the company’s platforms.

  • “Facebook and its senior executives violated federal securities laws by purposely misleading the public about the negative effects its products have on the health and well-being of children and the steps the company has taken to protect the public,” according to an emailed statement from Ohio Attorney General Dave Yost
  • The suit, which was filed on behalf of the Ohio Public Employees Retirement System and Facebook investors, ...

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