I use the FB application on my Droid X. However, the time that is connected to my events is Pacific time and I am in Eastern. My phone is the correct time and when I use FB on my computer the time is also correct.
Try powering the device off, then back on.
If all the settings are correct when you go to the Facebook application, then go to the main page, then press menu and go to settings, there would be a problem with the actual application itself.
There are applications to change the time zone settings.
Copy and paste the link below into your browser's address bar for more information.
http://www.androidapps.com/tech/apps/439509-timezone-changer-futurek-inc
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