Posted on 11/15/2021 2:16:21 PM PST by CheshireTheCat
Ohio Attorney General Dave Yost has filed a lawsuit against the social-media giant Facebook for misleading 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 (OPERS) and Facebook investors, contends that from April 29 through Oct. 21, 2021 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.
"Facebook said it was looking out for our children and weeding out online trolls, but in reality was creating misery and divisiveness for profit," Yost said. "We are not people to Mark Zuckerberg, we are the product and we are being used against each other out of greed."
Facebook’s scheme was revealed in the Wall Street Journal in September and in internal documents and statements provided in October by a former Facebook employee who blew the whistle on Facebook, underscoring how the company "chooses profit over safety."
Zuckerberg and other company officials, the lawsuit maintains, knew that they were making false statements regarding the safety, security and privacy of its platforms. Facebook admitted in those internal documents that "We are not actually doing what we say we do publicly."
In roughly a month, those revelations caused a devaluation in Facebook’s stock of $54.08 per share, causing OPERS and other Facebook investors to lose more than $100 billion.
Yost’s lawsuit not only seeks to recover that lost value but also demands that Facebook make significant reforms to ensure it does not mislead the public about its internal practices.
The lawsuit isn’t the first action that Yost has taken against Facebook, which also owns Instagram. In May, he and 43 other attorneys general sent a letter to Zuckerberg urging him to halt his plans to introduce an Instagram app for kids.
Although Facebook pulled the plug on the app, the whistleblower’s recent testimony before Congress made clear that Facebook never abandoned its goal to expand its user base by grooming kids to use Facebook’s products in the future.
Through this lawsuit, Yost intends to reinforce that such improper targeting of children by the social media giant will not be tolerated.
Yost plans to ask the court by Dec. 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.
There is an existing lawsuit against Facebook with similar allegations that was filed earlier this year on behalf of a retail investor. That lawsuit defines an incorrect time period in which the harm by Facebook’s actions occurred and obscures the damage suffered by shareholders such as OPERS.
Yost is seeking to correct the period of time when the harmful actions took place and give Ohio a voice to hold Facebook accountable.
For your consideration.
If you’re talking about Novavax its not yet available in the United States ! So what’s Notavax ?
Wouldn’t it be proper procedure for a State in a case like this to SIEZE thier Domain for Being part of a Criminal Enterprise and SHUT IT DOWN???
Isn’t this what Civil Asset Forfeiture was designed for, to TAKE PROPERTY USED IN A CRIME
Keep your eyes on Delaware County, Ohio. They are really going vax happy there when it comes to the 5-11 year-olds. Last I looked, which was this morning, it was 13.5%. Now it is 14.5%— that is supposedly the percentage of all in that age group who have gotten the Notavax.
This is a bedroom community of Columbus. Very fast-growing in terms of housing development and building of stores to support all this. A number of office buildings are there. A lot of urgent care and small satellite emergency departments, including ones specializing in pediatrics, are there too. The county votes Republican for the most part.
It would be ironic if a county named “Delaware” becomes Biden’s undoing.
Yost was once the prosecutor in Delaware County, I do believe.
Somewhat similar counties that are bedroom communities to other major cities in Ohio are only at 10%.
Notavaxxes are all vaxxes that do not use traditional vaccine technology and that do not work, as evidenced by “vaccine” cards that have spots to record up to eight “boosters.”
Atty Yost will ask the court to appoint the Ohio Public Employees Retirement System (OPERS)
and Facebook investors, as the lead plaintiffs in his Facebook securities fraud action. ————————————
Facebook investors should join him in holding the company and its executives accountable.
CONTACT: enforcement@SEC.gov
The SEC would be compelled to determine if
<><>Facebook misled investors
<><>Facebook falsified annual reports
Ok thats your acronym, not a brand name.
The first lawsuit against Facebook by a state pension fund occurred over a somewhat similar issue.
RI pension fund sues Facebook’s Mark Zuckerberg over Cambridge Analytica scandal
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.