Meta Platforms is facing one of the most serious legal threats of its 22-year history—and it couldn’t come at a worse time for the company as it navigates a tricky and costly transition to the artificial-intelligence era. In March, the company suffered defeats in landmark court cases in California and New Mexico that accused it of giving priority to growth over the safety of its underage users. Thousands more lawsuits by individuals, school districts and more than 40 state attorneys general are pending in state and federal courts. Together, they could put the company on the hook for many billions of dollars…

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