Ohio Attorney General Leads Securities Suit Against Roblox Over Pension Losses

Ohio Attorney General Andy Wilson has asked a federal court to allow the state to serve as lead plaintiff in a securities class-action lawsuit against video-game platform Roblox. The filing alleges that Roblox falsely portrayed its platform as safe for children, misleading investors and prompting the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio to invest in the company. Between October 2024 and April 2026, the two pension funds suffered a combined loss of $21.5 million as Roblox’s share price fell from a 52-week high of $142 to $37.05, erasing tens of billions in market value.

Executives David Baszucki, Naveen Chopra and Michael Guthrie are also named as defendants. Legal scholar Eric Chafee described the case as novel, noting the alleged deception of state agencies purchasing securities. The lawsuit remains before the U.S. District Court for the Northern District of California.