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Facebook, Zuckerberg Sued Over IPO

Posted by timothy on from the death-taxes-and-lawsuits dept.

mrquagmire writes with this snippet from CNET: "Facebook shareholders have sued the social network, CEO Mark Zuckerberg, and a number of banks, alleging that crucial information was concealed ahead of Facebook's IPO. The lawsuit, filed in the U.S. District Court in Manhattan this morning, charges the defendants with failing to disclose in the critical days leading up to Friday's initial public offering 'a severe and pronounced reduction' in forecasts for Facebook's revenue growth, as users more and more access Facebook through mobile devices, according to Reuters, which cited a law firm for the plaintiffs."

2 of 445 comments (clear)

  1. Re:So that's really why he gave up his citizenship by ortholattice · · Score: 4, Interesting
    Interesting that he married her right after the IPO.

    This puts an objective value on his non-marital (pre-marital?) assets, which she presumably therefore wouldn't share in case of divorce. Combine that with his $1/year salary (presumably to avoid any tax other than 15% capital gains), and her half of community property grows at $0.50/year. If she works, she might end up owing him money if they divorce!

    Disclaimer: IANAL and certainly not a divorce lawyer. Please correct me if I am wrong, which I probably am.

  2. Re:So that's really why he gave up his citizenship by Brannoncyll · · Score: 3, Interesting

    What about the UK? I have heard horror stories about their taxes.

    I'm a Brit living in the US, and the only tax I pay is to the US government - federal, state and city! Also, the tax system in the UK is considerably easier to operate within as an employee, as your employer handles your deductions and the Inland Revenue calculate how much you owe/are owed. Apart from a few fringe cases, I have never known anyone who was owed money to / was owed money by the Inland Revenue at the end of the year, so I guess the employers know exactly how much to deduct.

    Here in the US the situation is far more complicated even for someone in such a trivial tax situation as myself - no investment earnings, mortgage, other revenue sources, etc. I have to wade through hundreds of pages of explanatory documents to fill in boxes which the IRS then go and check independently anyway. What's worse is that most tax software doesn't work for Non-resident Aliens, so the people who most need help with the tax system are left to figure it out by themselves or pay an extortionate fee to an accountant.