The inner research that present Facebook has recognized about its harms to youngsters, and its function in inciting violence and well being misinformation, fear buyers like Julie Goodridge, a portfolio supervisor for NorthStar Asset Management. She, together with the New York State Comptroller’s Office and different funding funds, filed a movement for the subsequent shareholder assembly, calling for the removing of Mr. Zuckerberg’s energy as majority voting shareholder.

“We care very much about bad behavior, and these are the kind of things that we believe hurt the company in the long run,” Ms. Goodridge mentioned.

Gary Gensler, who took over the S.E.C. in April, has mentioned the company must step up enforcement when corporations don’t adequately disclose info that might affect buyers. In his first months in workplace, the company seems to be broadening its scope to embody how company choices have broader social, environmental and labor impacts — the sorts of choices which are a precedence for some buyers. It just lately opened an investigation into claims that Activision Blizzard, the gaming firm, did not disclose sexual harassment accusations to buyers.

“Traditionally, securities-fraud laws had been about stopping false or misleading statements on balance sheets — that would be the prosaic case,” mentioned Kevin S. Haeberle, a professor at William & Mary Law School. “Now there is a political approach and movement to use securities law more broadly.”

Facebook is anticipated to combat any motion taken by the S.E.C. The firm has amassed a military of litigators from prime multinational regulation companies in Washington, together with consultants in securities, antitrust, client safety and civil rights regulation. And it now has years of expertise in preventing litigation by regulators, together with the Federal Trade Commission and state attorneys common.

With a market worth close to $1 trillion, Facebook has been in a position to soak up regulatory penalties with out a lot scar tissue, together with a $100 million settlement with the S.E.C. for failing to reveal knowledge privateness dangers and a report $5 billion settlement with the F.T.C., each in 2019.

The onus will now be on the securities regulators to take the paperwork supplied by Ms. Haugen and present clear violations of company governance legal guidelines. Without proof of intent and recklessness, Facebook may have grounds to dismiss a case, mentioned Donald Langevoort, a securities regulation knowledgeable at Georgetown Law School.

“The tough part is to prove if they really misrepresented information or just framed it as opinion or puffery,” he mentioned.

Reporting was contributed by Mike Isaac, Sheera Frenkel, Ryan Mac and Davey Alba.

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