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Lawsuit filed over Facebook’s plan to issue new Class C stock

Lawsuit filed over Facebook’s plan to issue new Class C stock

California: In a bid to stop the company’s plan to issue new Class C stock, a shareholder of Social networking giant Facebook (Fb) has filed a class action lawsuit, calling the move an unfair deal.

FB on the other hand said the plan is in the finest interests of the company and all shareholders.

“The issuance of the Class C stock will, in effect, have the same effect as a grant to Mark Zuckerberg of billions of dollars in equity, for which he will pay nothing,” the lawsuit said.

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