The tax on the revenue from digital advertising services provided in Maryland is an "extraordinarily severe form of exaction," the suit says.
The digital ad company has partnerships with over 9,000 digital properties, including CNBC, NBC News, and Business Insider.
Andrew Chapin falsely represented to investors that well-known brands including Nike and Patagonia were using his company Benja's services, the SEC says.
The social media giant's stock hits an all-time high as third-quarter earnings beat analysts' expectations.
