Mar 5, 2013

New Facebook Lawsuit

New Facebook Lawsuit: Shareholder Alleges Key Information Withheld, There is always something going on with the giant social media site Facebook, and now news is out that a new Facebook lawsuit has been filed by a shareholder. Reuters via The Chicago Tribune shared the details on March 4.

According To Examiner...Gaye Jones claims that the directors of Facebook Inc. did not disclose key information regarding weakening revenue trends as they related to the growing mobile device usage. The new Facebook lawsuit is seeking to force the defendants to disgorge the money they made via the IPO. This is hardly the first lawsuit to be filed regarding Facebook's May 2012 IPO.

Several other similar lawsuits have already been dismissed, but of course this one is in the early stages so it is too soon to know how far things will go. Facebook's Mark Zuckerberg is named in the new Facebook lawsuit along with other directors and the IPO underwriters. The case is officially named Gaye Jones v Mark Zuckerberg et al, Delaware Court of Chancery, No. 8375.

Those behind Facebook certainly have gotten used to lawsuits being filed against them, and that's unlikely to stop anytime soon. However, the social media giant seems to be doing just fine despite the issues. Will this new Facebook lawsuit be any different in terms of damaging Zuckerberg and the social media empire?