The complaints are 'based on tens of thousands of internal Facebook documents secretly copied by Haugen before she left the social media company in May,' CBS wrote. Haugen filed eight whistleblower complaints with the help of nonprofit group Whistleblower Aid, all of which were published in a CBS News article yesterday. AdvertisementĬomplaints based on internal Facebook documents The company has also hidden the extent to which content production per user has been in long-term decline,' the complaint said. While Facebook reported user growth to investors, the company 'failed to disclose internal data showing a contraction of the user base in important demographics, including American teenagers and young adults. 'Facebook's mishandling of duplicate accounts constitutes extensive fraud against its advertisers, and misrepresentations to investors,' the complaint alleged. Facebook's advertising algorithms did not properly account for what the complaint calls Single Users with Multiple Accounts (SUMA), and the company thus 'systematically overcharg advertisers' by misrepresenting the number of individual users, Haugen alleged. 'Facebook has misrepresented core metrics to investors and advertisers including the amount of content produced on its platforms and growth in individual users (especially in high-value demographics),' the complaint said.

through filings with the SEC, testimony to Congress, online statements, and media stories.'

Noting that 'Facebook's stock valuation is based almost entirely on predictions of future advertising revenue,' the complaint cites 'evidence showing that Facebook has, for years past and ongoing, violated US securities laws by making material misrepresentations and omissions in statements to investors and prospective investors, including. Facebook has been misleading investors about its 'shrinking' teen and young-adult user bases and about the actual number of Facebook users, former employee Frances Haugen alleged in a whistleblower complaint filed with the US Securities and Exchange Commission. 'For years, Facebook has misled investors and advertisers about shrinking user base in important demographics, declining content production, and the true number of recipients of 'Reach & Frequency' advertising,' the complaint said.

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