WTF these people (FB investors) were thinking, prices dropped - Sue, what if prices were up? Are they going to share their gains with Mark Z? Hell..
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Mark Zuckerberg faces ANOTHER lawsuit over charges he knew Facebook's price would drop and cashed in $1.1 billion before shares slumped
- Shares of the social media giant have dropped 30 percent to below $27
- Lawsuit says Zuckerberg's notice he was dumping 30.2 million shares of Facebook on the first day of the IPO is proof of their claims
- Previous lawsuit says the banks knew Facebook revenues would fall short of expectations but only told a few major investors
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Facebook's botched Initial Public Offering has drawn yet another lawsuit as angry investors are claiming Mark Zuckerberg knew his company's stock price would tank and sold out $1.1 billion-worth before shares slumped.
The class-action says Zuckerberg, along with other Facebook executives and the banks behind the IPO, had inside information that the social media giant was over-valued, but didn't tell the public.
This allowed the stock to open at more than $38 a share. The price immediately dropped precipitously in the days after the May 18 IPO. By Monday afternoon, it had fallen 30 percent, to less than $27 a share.
Read more: http://www.dailymail.co.uk/news/article-2154529/Mark-Zuckerberg-sued-Facebook-boss-faces-lawsuit-charges-knew-share-price-drop.html#ixzz1yZzIrdva
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