Mark Zuckerberg has been extremely busy with a lot happening around him, like his marriage to long-term girlfriend Priscilla Chan and the Facebook IPO. A recent report now reveals that investors have filed a class action lawsuit against Mark Zuckerberg, as they claim that he allegedly hid from most investors the fact that Facebook business model wasn’t ready to sustain enough advertising revenue to support and IPO at $38 per share. Apparently, he had the inside information about the company’s stock being overvalued. Underwriters Morgan Stanley, J.P. Morgan Chase, and Goldman Sachs warned Zuckerberg about the overvaluation of the company, even before the IPO, but apparently this information was 'selectively disclosed' only to its largest investors. Click here for full story
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
