A US federal judge dismissed a lawsuit accusing Meta Platforms and CEO Mark Zuckerberg of misleading shareholders about safeguarding children on Facebook and Instagram.
US District Judge Charles Breyer in San Francisco ruled Tuesday that plaintiff Matt Eisner failed to demonstrate economic losses from Meta’s alleged inadequate disclosures.
Judge Breyer ruled that federal securities law does not mandate Meta to disclose the extent of sexually explicit content or child exploitation on its platforms, nor is it required to list all child protection strategies it chose not to implement.
“In essence, Eisner would have had Meta argue against its own recommendations, tout the benefits of tools it ultimately rejected, highlight its own failures, and devalue its own successes,” Breyer wrote. “That is not necessary.”
Eisner’s legal team did not respond immediately to requests for comment, nor did attorneys for Meta and Zuckerberg.
The lawsuit aimed to prevent Meta from holding its 2024 annual meeting until the proxy statement was revised, sought to void election results if the meeting proceeded, and demanded that Meta and Zuckerberg cover Eisner’s legal expenses.
In June, Judge Breyer had previously declined to halt the meeting, asserting that many of Meta’s assurances regarding children’s safety in the proxy statement were merely “aspirational” and did not substantiate the lawsuit’s claims.
The dismissal of this case was with prejudice, meaning that Eisner is barred from re-filing the lawsuit against Meta and Zuckerberg.
However, Meta still faces ongoing legal challenges, including lawsuits from multiple state attorneys general accusing the company of addicting children to its platforms while downplaying associated risks.
Additionally, hundreds of lawsuits have been filed by children, their parents, and school districts regarding social media addiction, a situation mirrored by similar lawsuits against operators of other popular apps such as TikTok and Snapchat.
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