On November 12, 2021, Ohio Attorney General Dave Yost filed a lawsuit against Facebook on behalf of the Ohio Public Employees Retirement System (“OPERS”) arguing that Facebook and its executives violated federal securities laws by purposely misleading the public which has subsequently led to the negative health and well-being of the children of the State of Ohio.
The lawsuit, which was filed in the United States District Court for the Northern District of California, alleges that Facebook violated such securities laws by making false statements in order to increase its stock. When the alleged violations were revealed publicly by an internal whistleblower, it caused a devaluation in Facebook’s stock, which caused OPERS to lose $ 4 million dollars.
To read the lawsuit, click here.
Authors: Matthew John Markling and the McGown & Markling Team.
Note: This blog entry does not constitute – nor does it contain – legal advice. Legal jurisprudence is like the always-changing Midwestern weather. As a result, this single blog entry cannot substitute for consultation with a McGown & Markling attorney. If legal advice is needed with respect to a specific factual situation, please feel free to contact a McGown & Markling attorney.