Ohio AG to Help Lead Class-Action Lawsuit Against Facebook

Ohio will lead a class-action lawsuit against Facebook claiming the platform “misled” users about how a “proprietary algorithm promoted offensive and dangerous content to users,” a federal judge decided Wednesday. "This case is about lies and losses -- Facebook's lies, and the losses incurred by our pension systems and others," said Ohio Attorney General Dave Yost (R), concerning the filing before the U.S. District Court in Northern California. "Ohio is happy and determined to lead in enforcing accountability against Facebook." Ohio will be joint lead plaintiff with PFA Pension of Denmark. Between April and October 2021, the company and 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,” Yost’s office said. “Those misrepresentations boosted the price of Facebook stock, harming investors.” Yost represents the Ohio Public Employees Retirement System. “Ohio PERS and PFA Pension are the presumptive lead plaintiff by virtue of having the largest financial interest,” Judge Jon Tigar wrote in his ruling. Yost claims that testimony from Facebook whistleblower Frances Haugen caused the company’s stock to plummet, resulting in about $3 million losses for the Ohio Public Employees Retirement System. The company didn’t comment.