Facebook has been misleading investors about its "shrinking" teen and young-adult user bases and about the actual number of Facebook users, former employee Frances Haugen alleged in a whistleblower complaint filed with the US Securities and Exchange Commission. "For years, Facebook has misled investors and advertisers about [its] shrinking user base in important demographics, declining content production, and the true number of recipients of 'Reach & Frequency' advertising," the complaint said. Noting that "Facebook's stock valuation is based almost entirely on predictions of future advertising revenue," the complaint cites "evidence showing that Facebook has, for years past and ongoing, violated US securities laws by making material misrepresentations and omissions in statements to investors and prospective investors, including... through filings with the SEC, testimony to Congress, online statements, and media stories."