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Zuckerberg to testify in court hearing
Facebook’s chief executive officer is expected to testify later this month in a shareholder lawsuit over voting power, according to a person familiar with the plans.
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Facebook CEO Mark Zuckerberg delivers the keynote address at Facebook's F8 Developer Conference on April 18, 2017 at McEnery Convention Center in San Jose, California (Getty Images North America via AFP/Justin Sullivan)
Mark Zuckerberg is heading back to court.
Facebook’s chief executive officer is expected to testify later this month in a shareholder lawsuit over voting power, according to a person familiar with the plans.
The trial, set to start Sept. 26, will explore whether the board had shareholder interests in mind when it approved a new class of non-voting shares. The move lets Zuckerberg keep voting control of Facebook even if he sells shares.
He asked for the change so he could give away most of his wealth to charities. But shareholders alleged conflict of interest in a complaint that disclosed an embarrassing episode: Director and venture capitalist Marc Andreessen worked with Zuckerberg behind the scenes to pass the change, even though he was on a committee that was supposed to look out for shareholders.
“Facebook is confident that the special committee engaged in a thorough and fair process to negotiate a proposal in the best interests of Facebook and its shareholders,” the company said in a statement on Friday.
This will be Zuckerberg’s second court appearance this year. He testified in a case about whether the company’s Oculus virtual reality headset maker used stolen computer code.
Zuckerberg said the claims were false, but Facebook lost, with a jury awarding $500 million to plaintiff ZeniMax Media.
