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Tuesday 05 June 5:56 p.m.
Furious FACEBOOK.COM investors have
filed a lawsuit against founder MARK ZUCKERBERG, alleging he knew the business
had been overvalued ahead of its flotation last month (May12).
Zuckerberg floated his social networking site on the U.S. stock
market for $100 billion (£63 billion) but shares soon dropped in price,
prompting complaints from many investors.
Critics allege the CEO knew the stock was overpriced and protected his
own finances by selling off the organisation, according to TMZ.com.
Editors at the website report a lawsuit has now been filed against
Zuckerberg, in which it's alleged the site did not generate enough revenue from
advertising to warrant selling shares at $38 (£25), and that this information
was passed on by Morgan Stanley, JPMorgan, and Goldman Sachs prior to the
flotation.
WENN.com