Posted: Nov 16, 2021 13:54 GMT
“We are not people to Mark Zuckerberg, we are the product and we are being used against each other out of greed,” said Ohio State Attorney General Dave Yost.
Ohio State Attorney General Dave Yost announced Monday that he had filed a lawsuit against the social media company Meta, until recently known as Facebook, for misleading the public about how it controlled its proprietary algorithm. and for its harmful effects on minors.
“Facebook said it was taking care of our children and eliminating online trolls, but it was actually creating misery and division 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“.
The lawsuit, filed last week on behalf of the Ohio Public Employees Retirement System (OPERS) and other investors, seeks to recover more than $ 100 billion in damages caused by the devaluation of the shares and demands that Meta make significant changes so as not to mislead investors again.
Furthermore, the document alleges that from April 29 to October 21, 2021, the company violated federal securities laws by deliberately misleading users about the Negative effects that its products have on the health and well-being of children, as well as on the measures that the company has taken to protect the public.
“Facebook investors recently learned the truth when former Facebook employee turned whistleblower, Frances Haugen, produced internal documents showing that the defendantsthey knew that Facebook platforms facilitate dissent, illegal activity and violent extremism, and cause significant harm to users, “the complaint argues. After those revelations, stocks plummeted significantly, at $ 54.08 per unit.
For his part, Meta spokesman Andy Stone stated that “this lawsuit has no merit” and the company will fight it “vigorously”. Meanwhile, Yost plans to have the court name OPERS as the lead plaintiff in its Facebook securities fraud action and invites other investors to join the lawsuit to hold the company and its executives accountable.