A new Facebook lawsuit has been filed by one of its unhappy shareholders.
Investor Gaye Jones believes the company knew about the weak revenue trends prior to the IPO. Since he feels Facebook and its underwriters failed to share this information, Jones has filed a lawsuit against the company.
According to CNET, the new Facebook lawsuit takes issue with the fact that Facebook benefited greatly from the IPO.
The complaint reads:
“The defendants were unjustly enriched because they realized enormous profits and financial benefits from the IPO, despite knowing that reduced revenue and earnings forecasts for the company had not been publicly disclosed to investors.”
The Chicago Tribune explains that Jones wants the company to cough up the money it made as a result of the IPO. The new Facebook lawsuit is looking to make Mark Zuckerberg pay for being dishonest with his investors.
A judge dismissed four cases similar to the one filed by Gaye Jones last month. Since the shareholders didn’t own stock prior to the IPO, the company was reportedly under no obligation to disclose this information.
However, Jones has owned stock in the company since February of 2012. This makes his lawsuit unique when compared to the similar cases that were already dismissed.
According to The Epoch Times, the new Facebook lawsuit is just another in a long lines of cases filed by angry investors. Over 50 shareholders have filed complaints against the company since last May.
When the company went public, shares were initially offered at $38. However, the price quickly dropped to $25. Facebook stock closed at $27.72 on Monday.
Unfortunately for Mark Zuckerberg, the new Facebook lawsuit filed by Gaye Jones isn’t the only legal problem currently taking shape.
The Inquisitr previously reported that the social networking site was sued by the company representing deceased Dutch programmer Jozef Everadus Van Der Meer. The lawsuit claims Facebook stole patents for its popular “Like” and “Share” features.
The complaints reads:
“We believe [Rembrandt Social Media’s] patents represent an important foundation of social media as we know it, and we expect a judge and jury to reach the same conclusion based on the evidence.”
Van Der Meer was responsible for creating a social site called Surfbook prior to his death in 2004. Although the Dutch programmer received the patents in 1998, they are now owned by the folks at Rembrandt.
What do you think about the new Facebook lawsuit filed by an unhappy investor?