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 a "patent attempt" to entrench chief executive Mark Zuckerberg as controlling shareholder.
Facebook CEO Mark Zuckerberg holds a pair of the touch controllers for
the Oculus Rift virtual reality headsets on stage during the Facebook F8
conference in San Francisco, California April 12, 2016. REUTERS/Stephen
Lam
SAN FRANCISCO: 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 a "patent attempt" to entrench
chief executive Mark Zuckerberg as controlling shareholder.
The lawsuit, filed in the Delaware Court of Chancery, comes
two days after the social networking company announced its plan to issue
the shares.
(Reporting by Dan Levine; Editing by Chris Reese)
- Reuters
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