Mark Zuckerberg is heading back to court.
Facebook’s chief executive officer is expected to testify later this
month in a shareholder lawsuit over voting power, according to a person
familiar with the plans.
The trial, set to start Sept. 26, will explore whether the board had
shareholder interests in mind when it approved a new class of non-voting
shares. The move lets Zuckerberg keep voting control of Facebook even
if he sells shares.
He asked for the change so he could give away most of his wealth to
charities. But shareholders alleged conflict of interest in a complaint
that disclosed an embarrassing episode: Director and venture capitalist
Marc Andreessen worked with Zuckerberg behind the scenes to pass the
change, even though he was on a committee that was supposed to look out
for shareholders.
“Facebook is confident that the special committee engaged in a
thorough and fair process to negotiate a proposal in the best interests
of Facebook and its shareholders,” the company said in a statement on
Friday.
This will be Zuckerberg’s second court appearance this year. He
testified in a case about whether the company’s Oculus virtual reality
headset maker used stolen computer code.
Zuckerberg said the claims were false, but Facebook lost, with a jury awarding $500 million to plaintiff ZeniMax Media.
Source - TheJakartaPost
