> How about the SEC opens an investigation into whether Twitter is defrauding investors/advertisers
The SEC protects investors, not advertisers. When non-securities fraud gets companies in trouble with the SEC, it's because said companies failed to disclose the fraud or the risk of the fraud to their investors.
Facebook discloses their "advertising revenue could also be adversely affected by a number of other factors, including...the availability, accuracy, and utility of analytics and measurement solutions offered by us or third parties that demonstrate the value of our ads to marketers, or our ability to further improve such tools; adverse legal developments relating to advertising, including legislative and regulatory developments and developments in litigation; decisions by marketers to reduce their advertising as a result of adverse media reports or other negative publicity involving us, our advertising metrics, content on our products, developers with mobile and web applications that are integrated with our products, or other companies in our industry..." [1]
The SEC protects investors, not advertisers. When non-securities fraud gets companies in trouble with the SEC, it's because said companies failed to disclose the fraud or the risk of the fraud to their investors.
Facebook discloses their "advertising revenue could also be adversely affected by a number of other factors, including...the availability, accuracy, and utility of analytics and measurement solutions offered by us or third parties that demonstrate the value of our ads to marketers, or our ability to further improve such tools; adverse legal developments relating to advertising, including legislative and regulatory developments and developments in litigation; decisions by marketers to reduce their advertising as a result of adverse media reports or other negative publicity involving us, our advertising metrics, content on our products, developers with mobile and web applications that are integrated with our products, or other companies in our industry..." [1]
[1] https://www.sec.gov/Archives/edgar/data/1326801/000132680117...
Disclaimer: I am not a lawyer. This is not legal advice. Don't commit fraud.