Mark Zuckerberg Facebook Founder tried to pull a Martha Stewart and dump off his over valued Facebook stock, but those pesty stakeholders said We will see that asz in court because Zuckerberg had the inside track.
A new lawsuit claims Mark Zuckerberg pulled a billion dollar fast one on Facebook investors.
The class action lawsuit — filed by disgruntled Facebook shareholders — claims the 28-year-old CEO had inside info that the stock was grossly overvalued, and he protected his own financial hide by quickly unloading a ton of Facebook stock.
This is the second time in two weeks a group of FB shareholders have joined together to accuse the mogul of withholding information.
The lawsuit claims Zuckerberg and his cronies hid the fact that there was a foundational flaw in the Facebook business model — that there was not nearly enough advertising revenue to support a stock valued at $38 a share.
The lawsuit claims Morgan Stanley, JPMorgan, and Goldman Sachs — all sounded the alarm before the IPO that Facebook was seriously overvalued, but that information was “selectively disclosed” to the largest investors.
Then again, hasn’t Mark suffered enough. He’s only worth around $15 billion.
Mediajuicejoint- I wonder how much time the billionaire will get and how much money will he have to cough up…..since money talk and he has way more than Stewart has or had. I can already see this case vanishing. hmmm wonder what the wife knows, well who cares since their newlyweds she can’t testify against him……