Facebook shareholders are filing a class against lawsuit against Mark Zuckerburg.
The shareholders claim Zuckerberg withheld information that cost them a billion dollars. Zuckerburg is said to have withheld information that Facebook stock was grossly overvalued. He protected his own financial interest by selling a ton of Facebook stock.
This is the second incident is two weeks where Facebook shareholders have joined together to accuse the social networking mogul of withholding information. The lawsuit claims that Zuckerburg and his business partners knew that there was a flaw in the mega social networking site’s foundation. Zuckerburg and his cronies knew there was not enough advertising revenue to pay for the stock valued at $38 a share.
The class action lawsuit claims that some information was selectively disclosed to only the largest investors.
It is unlikely that the lawsuit will bankrupt Zuckerburg. He is currently worth 15 billion dollars and has millions of Facebook fans.