Ohio's Largest Public Pension Sues Facebook, Saying the Media Giant Misled Investors
Ohio's largest public pension system filed a class-action lawsuit against Facebook, alleging that the social media giant misled investors and breached the public's trust. From a report: Ohio Public Employees Retirement System, which manages $125 billion on behalf of 1.1 million Ohioans, says it purchased Facebook stock "at artificially inflated prices" in 2021 and suffered damages because of Facebook's violations of federal securities laws. "Defendants were aware that Facebook's platforms facilitate dissension, illegal activity, and violent extremism, and cause significant harm to users, especially children, but Facebook refused to correct these issues," the federal lawsuit alleges. "All told, these disclosures erased more than $100 billion in shareholder value and subjected Facebook to immense reputational harm." The lawsuit comes after former Facebook project manager Frances Haugen testified before Congress that the company "put their astronomical profits before people."
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