Posted on 11/18/2021 8:01:11 AM PST by SeekAndFind
Ohio Attorney General Dave Yost announced on Monday that he has filed a lawsuit against Facebook, claiming the company misled and deceived investors in an effort to boost the price of its stock.
Yost, a Republican, filed the lawsuit on behalf of the Ohio Public Employees Retirement System (OPERS), which has invested millions in Facebook stock. Also named as defendants are Facebook executives Mark Zuckerberg, David M. Wehner, and Nick Clegg.
The multi-pronged lawsuit alleges 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,” and by inflating its user numbers, thus defrauding investors.
“This matter arises from an egregious breach of public trust by Facebook, which knowingly exploited its most vulnerable users—including children throughout the world—in order to drive corporate profits,” the lawsuit contends. “At the same time, Defendants repeatedly misrepresented to investors and the public that use of Facebook’s products does not harm children, that the Company takes aggressive and effective measures to stop the spread of harmful content, and that Facebook applies its standards of behavior equally to all users.”
“Facebook investors recently learned the truth when former Facebook employee turned whistleblower, Frances Haugen, leaked internal documents to the Wall Street Journal” showing that “Defendants were aware that Facebook’s platforms facilitate dissention [sic], illegal activity, and violent extremism, and cause significant harm to users, especially children, but Facebook refused to correct these issues,” the lawsuit alleges. In October, Haugen filed eight SEC complaints against Facebook alleging that the company repeatedly misled the public and investors.
(Excerpt) Read more at pjmedia.com ...
“the most robust set of content policies out there”
~~~
They may actually be “robust”, but what you think is bad for children and what Facebook thinks is bad for children is a matter of ‘opinion’. heh
Fraudbook will have to be terminated because they violated the UNITED STATES TERMS OF SERVICE AND COMMUNITY STANDARDS.
Hopefully, this will be the meta (death) of Facebook.
by inflating its user numbers
I would say this is a perfect example of eating their own.
wy69
Funny, strange, how the Left proclaims Facebook a private company able to censor whomever it wants.
Yet Big Oil Companies should be answerable to the government.
So what? Facebook is a corporate entity.
Since corporations are treated as an individual person under the law, a corporation itself can be sued like an individual person. But if a corporation has no money, suing the corporation itself would be futile, as you would not be collecting anything from the corporation, even if your lawsuit was successful. And you can’t sue the owner as the corporate is a separate entity. His money is his, not the corporate’s. So it puts people out of work until he starts something new, if he wishes to, as he’s filthy rich already. And proving he or others intentionally did what they did will fall on the evidence of proof. They are guessing here whether it is true or not.
Another dumb lawyer being called republican in the article. Welcome to the club.
wy69
I don’t think the executives of Facebook are licensed medical professionals. Why should they be expected to know or care about “the health and well-being of children”?
I personally think public education has harmed children by brainwashing them.
Facebook enriched itself by misleading investors throughout the Class Period where it is alleged
to have violated U.S. securities laws making statements that were demonstrably false:
SUCH AS that it was “committed to keeping people safe ....... assured
investors that it enforces its content policies evenly across all users. “
CONTACT: enforcement@SEC.GOV
“...Facebook a private company able to censor whomever it wants.
Yet Big Oil Companies should be answerable to the government.”
Loopholes created by the government many years ago that have been reinterpreted to exploit based upon need.
Facebook has been a friend to the liberals for years. And the given freedom of speech has been realized that it isn’t a freedom, it is a privilege. But it falls under first amendment interpretation.
Big oil doesn’t fall under amendments but laws that have been written around the amendments for their purposes. Organizations like OSHA, the FTC, EPA, and interstate commerce law determinations have been slapping big industry for years...until they unionize. Then everything goes covert. Guess why?
I’ve had this discussion with others on rights. My declaration is there are no rights except one, being conceived. And that is God given. And then you consider the purpose of birth control. Everything else the public has been told is a right, has changed gears to privilege a long time ago. Rights can’t be taken away. Got one? You won’t find one.
Our rights are based out of the Constitution. That was ratified in 1787. Government has had over 230 years to rewrite it. And they have hundreds of lawyers out there looking for ways to do it. Want a job for life? As long as there are perceived freedoms, someone has to find a way to control them. At government nursing, too, for far more than $15 an hour.
wy69
Facebook committed stock fraud from the very beginning.
They say they have billions of users but most are bots.
Facebook is for old people.....
BTW this is from 2017. 4 years ago which is ages.
Younger people going elsewhere.... hopefully.
A Millennial Job Interview - watch her reaction to the mention of Facebook
https://youtu.be/Uo0KjdDJr1c?t=12
OHIO PING!
Please let me know if you want on or off the Ohio Ping list.
Here We Go: Ohio Attorney General Sues Facebook for Securities Fraud, Alleging the Company Misled Investors
American Thinker ^ | 11/18/2021 | Paula Bolyard
Posted on 11/18/2021, 11:01:11 AM by SeekAndFind
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