Meta logo on 1 Hacker Way in Menlo Park, California. Credit: Michael Vi/Shutterstock.com Shareholder Proposal Blasts Meta's Risk Management, Calls for Probe of Board Committee
"Against the backdrop of near constant scandal and increasing challenges to its revenue model, Meta's failures to meet modern corporate governance standards is unacceptable," wrote John Harrington, president of Harrington Investments.
April 12, 2022 at 07:34 PM
4 minute read
Technology Media and Telecom
Describing the risks posed by Meta's products as "apparent and grave," some of the company's shareholders are asking the tech giant to hire an outside, independent law firm to evaluate the company board's risk and audit committee.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Who Got The Work
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