Case: In re: Facebook Derivative Litigation |
On May 10, 2023, a Delaware Chancery Court judge issued an order that largely denied Facebook's motion to dismiss a shareholder derivative lawsuit brought by Kaplan Fox's client, CalSTRS, among others. The upheld complaint alleges Facebook's management and Board of Directors, including but not limited to Defendants Mark Zuckerberg, Sheryl Sandberg, Marc Andreessen, and Peter Thiel, violated their fiduciary duties to the company by allowing Facebook to share its users' personal data without their consent, resulting in billions of dollars in investor losses and the erosion of user trust.
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