Several investors who lost money with Facebook after revelations about the company were named plaintiffs in a class-action lawsuit filed by Ohio.
In a lawsuit filed in U.S. District Court for Northern District of California, Facebook is accused of misrepresenting its policies and practices and artificially inflating its stock value with public false statements.
“This case is about lies and losses—Facebook’s lies, and the losses incurred by our pension systems and others,” Ohio Attorney General David Yost said in a July 28 news release. “Ohio is happy and determined to lead in enforcing accountability against Facebook.”
Suit says the scandal "wiped out more than $100 billion in shareholder value" as a result of Facebook's reputation suffering.
It is reported that Ohio Public Employees Retirement System lost $3 million in Facebook stock value. Over 1.1 million state employees, retirees, and beneficiaries are beneficiaries of the retirement system.
30 July 2022
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