Facebook claims test SEC’s reach

In one whistleblower tip provided to the SEC, Ms. Haugen and her lawyers wrote that Facebook made “Multiple material misstatements and omissions on the question of whether Facebook and Instagram impact teenage users,” according to a copy seen by the Journal.

Two years ago Facebook agreed to pay $100 million to the SEC to resolve allegations that it didn’t disclose the misuse of user data by consulting firm Cambridge Analytica.

Another reason for the SEC to look into the Facebook claims, lawyers said, is the regulator’s growing interest in sending a message about how companies should disclose environmental, social and governance issues.

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