“Facebook investors recently learned the truth when former Facebook employee Frances Haugen released internal documents showing Respondent was aware that Facebook’s platforms facilitated real estate transactions. dissent, illegal activity, and extremism that are violent and cause significant harm to users,” the lawsuit states. It lists the company, as well as Chief Executive Officer Mark Zuckerberg, Chief Financial Officer David Wehner and Vice President of Global Affairs Nick Clegg as defendants.
“This lawsuit has no merit and we will defend ourselves vigorously,” Meta spokesman Andy Stone said in a statement to CNN Business Monday.
The Wall Street Journal in September began publishing a series of articles called “Facebook Files” based on internal documents, raising concerns about Instagram’s influence on teenage girls, among other issues. other topic. The report prompted a Senate subcommittee hearing with Facebook head Antigone Davis on global safety. Haugen later testified before a Senate subcommittee, in which she said she believes “Facebook products harm children, divide, and undermine our democracy.”
The internal documents, known as the “Facebook Papers,” were provided by Haugen to the Securities and Exchange Commission and lawmakers. A group of news organizations, including CNN, reviewed the redacted versions received by Congress. The documents provide the best insight into many of Meta’s biggest issues, including its approach to fighting hate speech and misinformation, managing international development, and protecting young users on its foundation.
The Ohio lawsuit, filed Friday, alleges that “these disclosures erased more than $100 billion in shareholder value and left Facebook with reputational damage.”
“At the heart of these stories is the false premise,” a Facebook spokesperson said in a statement to CNN about the Facebook Papers last month. “Yes, we are a business and we make a profit, but where is the idea that we do so for the safety of people or a misunderstanding of our commercial interests.”
However, members of Congress have since called on Zuckerberg to testify about the document’s findings.
Yost’s office said in a statement Monday that his lawsuit “sees not only to restore that lost value, but also requires Facebook to implement significant reforms to ensure it is not misleading to users.” the public about its internal activities.”