Breaking News
A new lawsuit claims Mark Zuckerberg pulled a billion dollar fast one on Facebook investors.
The
class action lawsuit -- filed by disgruntled Facebook shareholders --
claims the 28-year-old CEO had inside info that the stock was grossly
overvalued, and he protected his own financial hide by quickly unloading
a ton of Facebook stock.
This is the second time in two weeks a
group of FB shareholders have joined together to accuse the mogul of
withholding information.
The lawsuit claims Zuckerberg and his
cronies hid the fact that there was a foundational flaw in the Facebook
business model -- that there was not nearly enough advertising revenue
to support a stock valued at $38 a share.
The lawsuit claims
Morgan Stanley, JPMorgan, and Goldman Sachs -- all sounded the alarm
before the IPO that Facebook was seriously overvalued, but that
information was "selectively disclosed" to the largest investors.
Then again, hasn't Mark suffered enough. He's only worth around $15 billion.
