A federal judge has named Ohio the lead plaintiff in a class-action lawsuit that seeks to represent all Facebook investors who lost money  in the wake of revelations about the company.
Filed in U.S. District Court for the Northern District of California, the suit accuses Facebook of violating federal securities laws by publicly misrepresenting its policies and practices, thus artificially inflating the value of its stock—until whistleblowers came forward.
“This case is about lies and losses—Facebook’s lies, and the losses incurred by our pension systems and others,” Ohio Attorney General David Yost said in a July 28 news release. “Ohio is happy and determined to lead in enforcing accountability against Facebook.”…