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The appeal filed this Friday by the shareholder James Kacouris in a federal court in Manhattan accuses Facebook, Zuckerberg and Chief Financial Officer David Wehner of making misleading statements or not reporting the slowdown in growth their income, lower margins Operators and the decline of active users.
Kacouris said the market was "shocked" when Wednesday the "truth" about the company in Menlo Park, California, began to be known. He claimed that the 19% collapse of Facebook's shares the next day was due to violations of federal securities law by the defendants.
The measure is intended to become a class action and requires non-detailed compensation. A Facebook spokesman declined to comment
Shareholders generally sue companies in the United States after unexpected drops in stock prices, especially if the impairment loss is significant.
Facebook has faced a dozen lawsuits because of the manipulation of its users' data in the midst of a scandal involving the British company Cambridge Analytica. Many have been consolidated in a federal court in San Francisco.
The collapse of Thursday also affected Zuckerberg, who ranked fourth in the ranking of the world's richest people with Warren Buffett. But the current wealth of Berkshire Hathaway Inc.'s president reaches $ 83,000 million and Facebook's head reaches $ 66,000 million, Forbes said.
Source: Reuters
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