Treasurer Diossa Statement on ERSRI’s Shareholder Derivative Action Against Meta

Published on Tuesday, March 21, 2023

Today, Rhode Island General Treasurer James A. Diossa released the following statement on the Employee’s Retirement System of Rhode Island (ERSRI) filing a shareholder derivative action against Meta Platforms, Inc.’s (Meta) directors and officers concerning sex trafficking and child exploitation.

“Meta’s executives and board members can no longer consciously fail to address the rampant sex trafficking, human trafficking, and child sexual exploitation, that the complaint alleges frequently occurred on its platforms,” said Treasurer Diossa. “We are filing this lawsuit to hold them accountable for their alleged breaches of fiduciary duty, the resulting damages to the company, and to ensure that Meta implements meaningful change to address the illegal conduct occurring on its platforms.”

ERSRI has filed a shareholder derivative action against certain current and former directors and officers of Meta alleging that they breached their fiduciary duties with respect to the rampant and systemic sex trafficking, human trafficking, and child sexual exploitation flourishing on Meta’s social media platforms, including Facebook and Instagram.

ERSRI filed the lawsuit on March 10, 2023, in the Delaware Court of Chancery. The action is brought derivatively in the name of Meta and against certain of Meta’s current and former directors and executive officers. ERSRI is joined in the suit by Cleveland Bakers and Teamsters Pension Fund, Kiwi Investment Management Wholesale Core Global Fund, and Kiwi Investment Management Global Quantitative Fund.

You may find the shareholder derivative action here.