Ohio's Attorney General is suing Meta, alleging it misled the public and cost investors billions.
The suit says the company violated federal securities laws by failing to disclose its harm to young users.
Lawsuits like this remain a bigger risk for Meta than potential regulation from Congress.
Ohio's Attorney General filed a lawsuit against Meta, formerly known as Facebook, on Monday, accusing the company of violating federal securities law by failing to disclose internal research about its platforms' harmful effects on children to investors.
The case was filed on behalf of the Ohio Public Employees Retirement System and Facebook investors, who collectively lost more than $100 billion in market share since employee-turned whistleblower Frances Haugen first leaked internal documents to the Wall Street Journal, AG David Yost said.
"Facebook said it was looking out for our children and weeding out online trolls, but in reality was creating misery and divisiveness for profit," Yost said in a press release. "We are not people to Mark Zuckerberg, we are the product and we are being used against each other out of greed."
Yost said in the press release that he hopes to recover the pension fund's losses with the lawsuit as well as ensure that the company "makes significant reforms" to avoid misleading the public again.
A Facebook representative said: "This suit is without merit and we will defend ourselves vigorously."
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