Yes, but only profile by profile.
To Fix the profile, you can use the restore. option. (see below for steps). Can't undo a bad merge - have to recreate but you can copy paste info from "changes section".
Document, why you believe the change was an error and/or document the correct information. (there is a comment line)
If you're irritated, wait until you're no longer irritated, then you can politely let the well intentioned person know that their information was in error, and perhaps they would like to change their personal database to reflect the correct information as now stated on the profile.
Go to "Profile" then "Changes" - click on the first occurance of Bad info in the "link edited the Biography " part.
(for instance January 9 2016 is good Info - Jan 10 is bad info)
You will see a display of Change Details.
LH side is "Previous Information" RH side is "Changed Info" (changes will be in "red".
The top portion has a "link line that says "If serious mistakes . . . restore data from as it was 13:00, 9 January 2016.
[You can go forward/backward by using buttons below; View All changes will take you back to the "Feed List] (experiment navigation first before actually doing any restore). By clicking the "restore" link the information is reset to the date time shown under "previous info"
Hope that helps. Don't think I left anything out.