Derivative Lawsuit in Delaware Targets Zuckerberg, Facebook Brass Over Privacy Breaches
The 193-page filing said that Mark Zuckerberg, Sheryl Sandberg, Peter Thiel and three other board members had presided over "one of the worst examples of privacy abuse in the age of social media" and committed "pervasive breaches" of their fiduciary duties in the name of short-term profits.
May 01, 2019 at 05:08 PM
4 minute read
The original version of this story was published on Delaware Business Court Insider
A Facebook investor Wednesday accused Mark Zuckerberg and other top executives of insider trading and blamed them for a series of high-profile privacy scandals that have jolted the company's stock and exposed it to billions of dollars in fines and legal liability.
The derivative lawsuit, filed in Delaware Chancery Court, comes just one week after the Menlo Park-based social media giant said it expected to pay a fine of up to $5 billion for violating a Federal Trade Commission consent decree that required Facebook to enact better protections for user data.
The 193-page filing said that Zuckerberg, Sheryl Sandberg, Peter Thiel and three other board members had presided over “one of the worst examples of privacy abuse in the age of social media” and committed “pervasive breaches” of their fiduciary duties in the name of short-term profits.
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