The case challenged a proposed reclassification effectively transferring the majority of founder and CEO Mark Zuckerberg's interest in Facebook without diminishing his voting power.
October 26, 2020 at 05:03 PM
1 minute read
Facebook shareholders must go through the company’s directors to litigate a disputed stock reclassification plan, the Delaware Court of Chancery ruled Monday.
In a 65-page opinion, Vice Chancellor J. Travis Laster dismissed the complaint filed as a derivative action by an institutional investor in 2018, writing that it hadn’t asked Facebook’s directors to file a suit or proven doing so would be unsuccessful.
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Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee on Capitol Hill, on Oct. 23, 2019. Photo: Diego M. Radzinschi/ALM
