Shareholder of Facebook appealed to the court of the state of Delaware with a lawsuit against the company because of the plan to issue a new class of securities. As writes Reuters, talking about the class action, that is, it can join and other holders of securities of the social network.
The Agency calls the name of the applicant. As alleged in the lawsuit, a Committee of the Board of Directors approving the issue of securities “are not rigidly held talks with mark Zuckerberg to “get something worthwhile in exchange for greater control of the head of the company.
On Wednesday, the company announced the intention to release securities of a new class of C to the already existing A and B. the New securities will not give the holder the right to vote. Each holder of securities A and B classes will receive two shares of one class With the existing his share. The class A share gives one vote at the General meeting of shareholders. In turn, the share of class B ten votes. Most papers in this class belongs to Zuckerberg. The emergence of class C shares will allow it to sell securities without affecting the voting share.
The founder of the social network has previously announced its intention to transfer 99% of their Facebook stock to charity. Speaking about the release of a new class of securities, Zuckerberg said: “I will be able to maintain control over Facebook, so we can continue to develop in the long term, while I and Priscilla (the wife of Zuckerberg. — ) might be the fastest way to send money to Finance important work.”
The author considers the claim to Facebook, “Zuckerberg wants to maintain its power, while selling off most of its shares and getting billions of dollars in revenue.” “The issuance of shares of class C will have the same effect as if Zuckerberg gave shares worth billions of dollars, for which he will be paid nothing,” said the plaintiff.
This week it became known that quarterly net profit Facebook has grown to $1.5 billion, which is almost three times more than the year before. Facebook revenue for the quarter (GAAP) was approximately $5.2 billion, 57% more than the same period of 2015. After the announcement of these data, the value of securities of the social network began to grow rapidly. The company’s capitalization currently exceeds $332 billion.