The shareholder firm Block & Leviton is refusing to walk away quietly from a high-profile derivative suit against Facebook Inc board members.
for two Rhode Island pension funds, which weighed in at a mere 219 pages, focused on allegations that the board was under the sway of controlling shareholder Zuckerberg when it agreed to the 2019 FTC settlement, which allegedly cost the company billions more than it owed in penalties in order to shield Zuckerberg from personal liability.
Slights said the CalSTRS complaint was more comprehensive and gave shareholders the best opportunity for victory. The firms moreover argued that Block & Leviton was vastly exaggerating the risk that their prosecution of unrelated suits against Facebook would have any real implications in the derivative case. “Our clients take this attack very seriously,” Fox told Slights. “It unfairly impugns our and their reputations.”
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