BREAKING NEWS

Facebook hit with lawsuit over plan to issue new stock

By REUTERS

APRIL 30, 2016 04:35

Updated: APRIL 30, 2016 04:34

A Facebook Inc shareholder filed a proposed class action lawsuit on Friday in a bid to stop the company's plan to issue new Class C stock, calling the move an unfair deal to entrench Chief Executive Mark Zuckerberg as controlling shareholder.

The lawsuit, filed in the Delaware Court of Chancery, followed the social networking company's announcement on Wednesday of its plan to issue the shares.

The rejiggering of Facebook's share structure is effectively a 3-for-1 stock split. Zuckerberg's said in December that he intends to put 99 percent of his Facebook shares into a new philanthropy project focusing on human potential and equality.

The lawsuit contends that a Facebook board committee which approved the share deal "did not bargain hard" with Zuckerberg "to obtain anything of meaningful value" in exchange for granting Zuckerberg added control.

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