KKC's Novel SEC Legal Theory Basis for New Facebook Whistleblower's Complaints

By: WebWire

October 05, 2021 at 23:52 PM EDT

On Sunday, CBS 60 Minutes highlighted a new Facebook whistleblower, Frances Haugen. She spoke about Facebook's refusal to effectively remove the toxic and criminal content on its site. Today, she testified before the U.S. Senate Subcommittee on Consumer Protection, Product Safety, and Data Security. Haugen has also filed several complaints with the U.S. Securities Exchange Commission alleging Facebook is misleading investors in that it is profiting from illegal activity on its site and putting its shareholders at risk by failing to fully disclose the amount of illegal activity the site hosts and promotes. Her complaints supplement several SEC whistleblower disclosures against Facebook already filed by Kohn, Kohn and Colapinto, LLP on behalf of several anonymous whistleblowers.

Since 2017, the Alliance to Counter Crime Online (ACCO), and whistleblower law firm Kohn, Kohn & Colapinto (KKC) have assisted multiple anonymous whistleblowers in filing complaints with the SEC. Each complaint outlines the various manners in which Facebook systemically supports and amplifies crime for profit on its family of platforms. These petitions detail how Facebook is used as a tool for human trafficking, terrorist financing, the sale of illicit and counterfeit drugs and wildlife trafficking.

These whistleblowers allege that Facebook knowingly provides users with criminal intent the necessary technologies to commit crimes at scale against children, finance terrorism, and sell drugs with impunity. The integrity of these whistleblowers' allegations, who have provided evidence that Facebook prioritizes profit over public safety, is bolstered by Haugen's statements.

“Since 2017, we have filed numerous complaints with the SEC alleging securities laws violations. The new whistleblower's information significantly strengthens our ongoing cases to hold Facebook accountable,” said whistleblower attorney Stephen M Kohn. “We applaud her bravery in stepping forward and ask that Congress act to protect her from any retaliation,” continued Kohn who is a founding partner of Kohn, Kohn & Colapinto and Chairman of the Board of the National Whistleblower Center.

Kohn, a leading authority on securities whistleblowing, is available for comments on the matter and for interviews.

— WebWireID279956 —

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KKC's Novel SEC Legal Theory Basis for New Facebook Whistleblower's Complaints

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