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Senator Elizabeth Warren wants the Biden administration to open criminal and civil investigations into this matter. Facebook allegedly misleading customers about the reach of their ads.
The Massachusetts Democrat wrote Thursday to Attorney General Merrick Garland and chairman of the U.S. Securities and Exchange Commission, Gary Gensler, to determine whether to open investigations. Facebookreorganized as Metaviolated electronic fraud and securities laws.
“Facebook not above the law,” Warren wrote. letter. “The company’s directors may not mislead investors, the SEC, advertisers, and the public about a fundamental measure of its business model, with impunity, if such actions violate federal electronic fraud or securities laws. Given such allegations of misconduct, I urge the Department of Justice and the SEC to immediately initiate an investigation. Facebookstatements regarding Potential Access, and to take all appropriate criminal and civil action if you find that the company has actually violated electronic fraud or securities laws.”
Ms. Warren defined potential reach as an estimate of how many people use it. Facebook you can see a specific ad and see “top executives at the company” Facebook He may know that the Potential Reach metric is inflated in a meaningful and consistent way.”
Facebook and the SEC did not immediately respond to requests for comment. The Justice Department declined to comment.
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