Facebook is sued after stock plunge

FILE PHOTO: A 3D plastic representation of the Facebook logo is seen in this illustration in Zenica, Bosnia and Herzegovina, May 13, 2015. REUTERS/Dado Ruvic/File Photo - Copyright Dado Ruvic(Reuters)

By Reuters

Published on 27/07/2018 - 23:34•Updated 18/04/2024 - 12:47

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NEW YORK (Reuters) - A shareholder of Facebook Inc <FB.O> on Friday filed the first of what could be many lawsuits against the social media company and Chief Executive Mark Zuckerberg following a 19 percent one-day plunge in Facebook's share price.

The complaint filed by James Kacouris accused Facebook and Zuckerberg of violating federal securities laws, and seeks class-action status and unspecified damages.