The state of Ohio’s largest public pension system will lead a class action lawsuit against Facebook.
On Wednesday, a judge in the United States District Court for the Northern District of California named Ohio as the lead plaintiff in the investors’ case, which seeks to recoup millions of dollars in losses and compel CEO Mark Zuckerberg to change the company’s internal practices.
“This case involves lies and losses. Facebook’s deceptions, as well as the losses suffered by our pension systems and others, “In a written statement, Ohio Attorney General Dave Yost said
The lawsuit claims that the Ohio Public Employees Retirement System, which manages $125 billion on behalf of 1.1 million Ohioans, purchased Facebook stock “at artificially inflated prices” in 2021 and suffered damages as a result of Facebook’s violations of federal securities laws.
The suit is being brought against Facebook and three of its key executives: founder Mark Zuckerberg, Chief Financial Officer David Wehner, and Vice President of Global Affairs Nick Clegg. According to Yost’s office, plaintiffs are seeking more than $100 billion in lost investment value and significant reforms at Facebook.