Ohio Attorney Dave Yost has taken social media behemoth Facebook to federal court for misleading investors on how the negative effects of its content management algorithms in an effort to boost its stock performance while deceiving shareholders.
The civil lawsuit, filed in U.S. District Court for Northern California on behalf of the Ohio Public Employees Retirement System (OPERS) and other Facebook investors, charged Facebook and its senior executives violated securities laws by purposely withholding information about the negative effects its products have on the health and well-being of children and the steps the company claimed it had taken to protect the public.
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