C&T files class action lawsuit against Facebook Board of Directors alleging violations of Delaware Law

On May 6, 2016, C&T filed a class action lawsuit on behalf of Southeastern Pennsylvania Transportation Authority. The action accuses Facebook, Inc.’s founder, CEO and controlling stockholder, Mark Zuckerberg, of disloyal conduct and self-dealing. The lawsuit further accuses Zuckerberg’s fellow Board members of abandoning their fiduciary duties in order to serve Zuckerberg’s selfish motives.

The case, which has been filed in Delaware Court of Chancery, arises from a “Reclassification” of Facebook’s stock. As a result of the Reclassification, Zuckerberg will permanently entrench his controlling position and dilute the economic and voting position of ordinary stockholders. Because Zuckerberg controls Facebook, the public stockholders have no say in the Reclassification.

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Attorneys for this case:

Pamela S. Tikellis
Robert J. Kriner, Jr.
A. Zachary Naylor