Facebook misled investors on scope of misinformation problems, whistleblower says

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Since filing whistleblower complaints against Facebook last year, Frances Haugen hasn’t been sitting still. A report today says the Facebook (now Meta) whistleblower has filed two new complaints with the Securities and Exchange Commission that allege the company internally acknowledged it was struggling with misinformation even while telling investors it had a handle on the problem.

Meta made “material misrepresentations and omissions in statements to investors” regarding its attempts to fight misinformation on its platforms, according to redacted complaints that a congressional staffer shared with the Washington Post and other news outlets.

“Some investors simply will not want to invest in a company that fails to adequately address such misinformation and then engages in misstatements and omissions on the topic,” one complaint says.