Meta shareholders file class-action | ICLG

A class of diversified shareholders has filed a class-action against Facebook parent over the “high…

A class of diversified shareholders has filed a class-action against Facebook parent over the “high costs that Meta imposes on society and the economy”. In what could be the first lawsuit of its kind in the United States, a group of shareholders has filed a class-action complaint in the Delaware Chancery Court against Meta Platforms, the parent company of Facebook and Instagram, claiming that the social media giant’s drive. for ever-increasing profits ignores the “high costs that Meta imposes on society and the economy” and, therefore, on shareholders. The claim alleges that those ‘high costs’ include causing such economic damage that the company is responsible for driving down the value of shares held by the complainants in other companies. The complaint from class representative James McRitchie, which names CEO Mark Zuckerberg and former CEO Sheryl Sandberg among 10 board members specified in the suit, further claims that Facebook has made the world “an angrier place” and that Zuckerberg rejected suggestions from the company’s integrity team. to tweak its algorithms so that users would see more positive content on their feeds.