Facebook and Mark Zuckerberg sued after stock crash 'shocked' market
30 July, 2018, 21:29 | Author: Salvatore Jensen
Facebook and its CEO Mark Zuckerberg are facing a lawsuit over his company's historic stock market plunge where it lost close to US$120bn in a single day, the most in USA history. These moves have likely impacted Facebook's earning projections and user numbers, which led to the 24 percent reduction in its stock value.
According to the complainant, the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company. He also claims the massive plunge stemmed from "federal securities law violations from the defendants".
Facebook had the largest-ever loss of value in one day for a USA traded company.
At least 16 brokerages cut their price targets on Facebook after managers said the cost of improving privacy safeguards, as well as slowing usage in the biggest advertising markets, would hit the company's profit margins for more than two years.
The plaintiff, James Kacouris, filed the lawsuit Friday seeking class action status and to recover damages. Unfortunately, Facebook's spokeswoman declined to release a further comment about the ongoing complaint.
Facebook stocks tanked 25 per cent in a matter of two hours on account of disappointing second quarter financial results and subsequent earnings call.
Facebook founder, chairman and CEO Mark Zuckerberg, who has started feeling the pressure with lawsuits being filed against him, is also being asked to quit the top post by shareholders.
The earnings covered the company's first full quarter since the Cambridge Analytica privacy scandal erupted. Furthermore, the growth in the number of daily average users is slowing down as well.
For more than a year - ever since Zuckerberg published a 5,000 word manifesto arguing that Facebook needs to make the world a better place by bolstering civic engagement and addressing social ills - the company has seemed torn between its philosophical mission and its economic one. This is most especially if the loss of wealth is quite large.
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