Facebook has settled the lawsuit over non-voting shares days before Mark Zuckerberg was scheduled to testify (FB)
Facebook has settled a lawsuit about its plan to create a class of non-voting shares, a court official told Business Insider on Friday.
The settlement means that Facebook CEO Mark Zuckerberg and other Facebook insiders will not take the witness stand in the closely-watched trial.
Zuckerberg was scheduled to publicly testify in Delaware Chancery court on September 26.
"The Facebook trial, which was scheduled to begin on September 26, 2017 is cancelled due to a settlement," the official said by email.
The terms of the settlement, including the future of Facebook's plans to create the non-voting shares, were not immediately known.
Originally filed in April 2016, the class action lawsuit sought to block Zuckerberg's plan to reclassify Facebook's stock structure and create a new class of non-voting shares. The proposed issuing of non-voting, Class-C shares would concentrate Zuckerberg's majority voting rights even as he sells his holdings over time to fund his philanthropic efforts.
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Contributer : Tech Insider http://ift.tt/2xzn80J
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