COLUMBUS — Ohio’s largest public employee pension fund has sued Facebook, alleging that it broke federal securities law by purposely misleading the public about its product’s negative effect on children.
The lawsuit by the Ohio Public Employees Retirement System also says Facebook also knew that its platform facilitated dissention, illegal activity, and violent extremism, but refused to correct it.
“Facebook said it was looking out for our children and weeding out online trolls, but in reality was creating misery and divisiveness for profit,” said Attorney General Dave Yost, who file the lawsuit on behalf of the pension fund.
The lawsuit filed last week in federal court in California says market losses resulting from publicity over Facebook’s actions caused investors including OPERS caused a devaluation in Facebook’s stock of $54.08 per share, causing OPERS and other Facebook investors to lose more than $100 billion, Yost said.
A Facebook spokesperson called the lawsuit without merit and it the company would fight it.