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Shareholder Sues Facebook After Stock Plunge (reuters.com)
An anonymous reader quotes a report from Reuters: Facebook and its chief executive Mark Zuckerberg were sued on Friday in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about $120 billion of shareholder wealth. The complaint filed by shareholder James Kacouris in Manhattan federal court accused Facebook, Zuckerberg and Chief Financial Officer David Wehner of making misleading statements about or failing to disclose slowing revenue growth, falling operating margins, and declines in active users. Kacouris said the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company. He said the 19 percent plunge in Facebook shares the next day stemmed from federal securities law violations by the defendants. The lawsuit seeks class-action status and unspecified damages.
This is SHOCKING is right, even for slashdot. Close my account and remove all traces of me from this site immediately! I demand or I WILL SURELY DO SUE!
I'd like to say this is a new low for dupes, but let's be real, there has probably been a time when the same story was just posted twice in a row.
It's like going to a casino and then losing your money at the craps table when you roll snake eyes, and then trying to sue the casino. "But...but...you said I'd have fun! You said I had a chance to win! You *didn't* say I had a chance to lose!". "wah, wah, waaaaaaaaaaaaahhhhhhhh".
You really want to live in a country like that?
Slashdot: bringing dupes faster than ever!
On the other hand, that is easy to fix: Republicans should stop making batshit insane posts. Calls for violence and harassment, or making outright politically-motivated lies to rabble up your base, no matter the source, should be removed.
I'm sure the fact that (R)-aligned folks getting hit with such moderation at a disproportional rate is simply a statistical anomaly and not at all indicative of their overall MO.
Who gives a shit about their address?
At the top of the page: 'Did you know subscribers can see articles in the future?'
Please, subscribers, when you see a dup 'from the future', please try and get the eds to cancel it. That would save some from apoplectic outrage and the rest of us (most) from a minor annoyance.
Please help us! You are our only hope!
Great minds think alike; fools seldom differ.
Extremist dipshits from both sides should be censored off the internet so we wouldn't have to wade through your inane tantrums and meaningless bitching.
They aren't censoring Republicans just assholes who violate terms and those who threaten people. Stop falling for that "they are censoring republicans" bullshit
Comment removed based on user account deletion
can't get his money for nothing and his chicks for free. Welcome to the real fucking world dipshit. You're gonna have to work for a living soon just like the rest of us, no more being a parasitic leech on society.
And here I thought Maxine Waters, BLM, Antifa, were anything but R-aligned. Was I misinformed?
At what point did any of these shareholders not realize that all the negative news would eventually kill growth??
I always fail to understand how a shareholder can get value for suing the company they own shares in.
Any monetary gain from a lawsuit would make their shares go down for the same amount.
Why would Facebook stop censoring Russians?
Slashdot social media options: AIM, ICQ, Yahoo, Jabber and Mobile Text. Why no MySpace?
next, he'll sue the weather for not being what he expected if he goes to the beach and it starts raining
Never antropomorphize computers, they do not like that
'Web 2.0' was always a farce riddled with flimsy ethics, so is the 'sharing' economy (and a great many people sounded alarms, nobody cared to listen, they heard their greed instead) and I don't doubt we will see more and more companies eating similar crow. Let's hope the bubble doesn't completely burst, as it would be far worse than the original tech bubble.
Uh, groups that promote that minority lives are equal to others, and those that reject fascism are somehow bad? You should get out more, see the actual world you so desperately fear.
You really want to live in a country like that?
I want to live on a forum with threads not being highjacked by idiots with their own off-topic agendas. They are like the idiots at sports events who creep up to the TV camera and stick a placard with an advert in front of it at a crucial moment.
I
I have always wanted to own Facebook, it has caused me pain that I cannot own it due to the manipulation by shareholders to drive up the price. Can I sue the shareholders for inflating the price beyond my means?
when it actually mattered where a company was located. Before offshore tax havens, outsourcing and globalization in general made it a moot point.
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Businesses can only grow so fast and only so much. But people bid the prices up as if there is unlimited growth potential.
And when stocks are valued with a growth premium that can never be met, they have a tendency to crash when those lofty expectations aren't meant.
facebook is still quite profitable but wasn't worth what it was trading at.
I think the same way about Amazon and definitely the same about Tesla. Neither of those companies can meet the growth that is priced into the share price.
Out in the real world far more than you know. I listed entities who call for and commit violence - in the real world. I don't think I'm the one missing facts here.
probally a republican shareholder whinning because of the lack of regulation by his republician buddies cost him money.
I know in the Trump era it's difficult to remember that people once had the decency to at least stick to the topic in a thread; but people should try to be decent even if current president is not.
Laws are rules for the court, but merely a bottom bar to hit for life. Think beyond laws in your actions always.
FTFA :
failing to disclose slowing revenue growth
So the rate of increase is slowing? - that's just awful. But is the rate of the slowing of the increase itself slowing or increasing? - that's what everyone is asking. And is the rate of that increasing (or slowing) of the rate of the slowing of the increase, itself slowing or increasing? How TF can we be drawing graphs and making predictions if they don't tell us these things?
I'm crying a river here for poor Mr Kacouris and my hankies are running out. Let's kickstart a collection for him.
Stupid Rusiagate mongering progressive ass-hole. Trump is the nicest fucking president EVER, and so are his supporters, so FUCK OF! MAGA!
It's just another social network in the long line of networks that will come and go. Who's surprised?
"What lies behind us, and what lies before us are tiny matters compared to what lies within us." Ralph Waldo Emerson
Have some sympathy! Zuckerberg lost a lot of money. Think how he feels about that. Should we each send him a dollar?
(Today's joke. That the best I can do.)
Buying any stock entails *risk*. You're not entitled to the value of that stock to go up. If you buy a stock and it plummets because of shitty corporate policy, *you* invested in a company with shitty corporate policy. Eat your mistake.
Promote minority lives at the expense of everyone else, only to further their own agenda of totalitarianism and control, and will toss them overboard when they no longer serve that purpose, or start displaying conservative viewpoints, at which time the progs will label them as "uncle Tom's" and cast them aside.
Please be aware these "lawsuits" are usually just scams to suck more money from desperate stock holders. The "lawyers" are the financial version of ambulance chasers.
Anytime a company loses a large percentage of stock value, a lawsuit is announced. For you to be part of the "class action suit" you need to pay the law firm a non-refundable deposit of usually between 200-600 dollars. The kicker is the lawsuit never actually happens and the client is out even more money.
Liar. They routinely censored viewpoints that don't fit the corporate-purchased "progressive" ones, even when not violating their stated rules. While at the same time allowing calls for violence because they aligned with the sponsored political agenda. That's fascist behavior.
No, you are a liver!
If you are a short term trader, it really sucks to have a 20% drop. If you are a long term trader, Facebook as done well. After the IPO it was publicly available for about $40, which makes up up about 350%. The average annual return over the life of the stock is about 27%, well over the market's annual average return of about 10%.
Go away IVAN
Obama asked for Putin henchman to tell Putin Obama would have more flexibility after the election. Trump is no saint but Obama was a shit president and horrible person
Because people might otherwise switch to VKontakte perhaps? And the latter has no problem with naked tits as well, so nu prudish US censorship anymore.
I went short on Facebook as it peaked early. Thanks for buying my new house, dumasses!
LOL "the nicest president"
IThe shareholders are at fault for not dumping a dying stock. People are leaving facebook in droves and they arent getting enough new sign ups. Might be time to dump that myspace stock too.
--- Always remember. 99.36% of all statistics are inaccurate.
For all that mind share and news share Tesla got, the whole company was valued at just 50 billion. And these shorts missed the biggest opportunity to profit in Facebook? Did any of them make a killing? Which shorting hedge fund made a killing?
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
Not sure how anyone could be surprised about this. If you're an investor, you damn well better be paying attention to what the company is doing, and in April when Mark Zuckerberg delivered his prepared testimony to Congress, he laid it all out:
"I've directed our teams to invest so much in security — on top of the other investments we're making — that it will significantly impact our profitability going forward. But I want to be clear about what our priority is: protecting our community is more important than maximizing our profits."
Source: https://www.cnbc.com/2018/04/0...
Somebody confused the value of the Facebook company and its services with the virtual price of a stack of papers with the Facebook name printed on them, called shares. It's like collecting ostage stamps, except that postage stamps have value if you stick them onto letters and postcards.
Country? This is an internet forum.
Russian trolls sowing discourse since 2016.
I don't get how you white snowflakes are so mad at this.
They are literally taking a page from YOUR playbook. And you are mad at them for it? Since forever white people have been standing up for ONLY white people.
Now that black people are employing the same tactics you use, it's somehow, not ok?
Browse slashdot at score 1 or 2, and you will not be troubled by them anymore. It is what I do because I got sick and tired of seeing posts about creamer being fat and dump being a traitor (or whatever). It really is the only way to have a tolerable experience on slashdot anymore. Slashdot really should stop people abusing the largesse granted by slashdot to post anonymously; the point of (and the importance of) allowing people to post anonymously is that sometimes an unpopular opinion or position is important in an informed, grown-up conversation and the conversation actually suffers from the absence of those voices. Even if you do not agree, I think you will agree that there is value in hearing the opinions of others.
For example, in a convo about YRO, censorship of, say, quote sexualized unquote images of quote underaged unquote girls, someone might opine that it is silly to punish or even look down on someone over 18 years of age who finds people who are under 18 attractive, since doing so necessarily requires subscribing to the mistaken belief that girls of age 17 years undergo a magical transformation the very hour of midnight on their eighteenth birthdays, from looking like toddlers to looking like grown women, which is absurd on its face. The establishment of 18 (in those jurisdictions where this is the case,) as a thin, bright dividing line between infant and adult was done, I believe, because 18 years is the age at which the VAST majority of girls HAVE physically and sexually, if not quite psychologically, matured into women. Some mature faster, some mature slower. I am sure everyone has noticed this. Of course I do NOT hold that some 35 year old drooling over a 7 year old is acceptable behavior, let alone him trying to do anything with her, (or her with him in the case of a woman who likes them young, etc.), BUT to ruin the life of a 19 year old whose girlfriend is 17, (conceivably only as little as any amount over a year younger, if, for instance, she turns 18 two days after he turns 19, but wants to celebrate his bitrthday, the day he turns 19,) by lumping him in with the others is criminal in itself.
Some small-minded people, buying into the insanity of the argument that girls go from infancy at 17 years, 11 months, and 30 days of age to grown women in one day could respond vitriolically and try to ruin the reputation of someone who says what I have just pointed out. I think any reasonable person would agree that maybe I have stated a valid point, and though I have a slashdot account, I might have a very good and understandable reason to want to post that anonymously. By contrast, people coming here doing the digital, text-equivalent of flinging their feces need to be fucking STOPPED. I am talking about the people engaging in running flame-battles with other users, posting rants either in favor of, or against, some schmuck pretending to be president, etc., in stories that have nothing to DO with what they are posting about, even tangentially.
I mention this because I have a slashdot account, excellent karma (not to brag) and and have many times been awarded mod-points. When I first got these I took the responsibility very seriously, and switched filters off so I could mod up, specifically, those posts worthy of being modded up who maybe did not have karma built up, or who posted important remarks, worthy of inclusion in the conversation but who wanted or needed to post anonymously. But I just cannot do it anymore because too many people are abusing the privilege of posting anonymously. I got tired of seeing posts about some guy named Cramer or whatever being either fat or gay, (is he or she really? How the fuck do you know?) or about how Drump is a tra1torrr and is also Put1ns dick ornament, etc. , and how one person or another is going to jail. I have no idea who Creamier is, and Dumpsy is irrelevant to most conversations. Either way...THIS shit needs to be stopped by whoever is running slashdot. Find a fucking way.
So as for you, I can only suggest
If Kacouris can sue Facebook for losing value, or rather not telling him in advance to dump his stock in them,
then other stock holders can sue Kacouris for sueing Facebook, thereby causing tge company to lose value, without telling them in advance.
I doubt that any judge would rule in Kacouris' "favour", but I would laugh if they did.
Hey, you bought stock. Stock isn't a guarantee. If you were smart, the changes should have worried you to get out, but, because of your greed, you didn't think it would happen.
Facebook has tons of fiduciary responsibility. So much so that it's almost impossible for them to meet every obligation to a standard that a clever lawyer couldn't argue they're at fault and win.
Our ruling class are universally investors. They don't do math. They don't make things. They don't do medicine and they don't cook. They invest. So you better believe the law is designed to protect them above all else.
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Maybe they should sue themselves for negligence for being stupid enough to invest in Facebook. Anyone anywhere ever could tell you that's not a good investment and it's a dying company that 100% of their customers hate.
Socialising oligarch losses is just good capitalism. Keeping the little people down is just good authrotarianism. #MAGA
They were shocked? Must not have listened to or read the Q1 earnings call.
"In terms of our overall 2018 revenue outlook, we continue to anticipate revenue growth rates will decelerate on a constant currency basis throughout the year."
And one of the questions asked included this tidbit: "Growth in MAUs in rest of world was up about 11%; I think last year, it was up almost double that, 19% or so. Anything changed there that maybe could explain the slowdown?"
Q1 Earnings Transcript: https://seekingalpha.com/artic...
There's a difference between being misled and not bothering to pay attention.
I want to live on a forum with threads not being highjacked by idiots with their own off-topic agendas.
The problem is not the trolls. They are quickly modded down to -1, and are invisible to most readers. The real problem is idiots like you that RESPOND to the trolls, increasing their visibility, and requiring more time and effort to kill the thread.
DON'T FEED THE TROLLS!!
DON'T FEED THE TROLLS!!
DON'T FEED THE TROLLS!!
This is the internet... You must be new here.
Some days I get the sinking feeling Orwell was an optimist.
Shareholders suing the board over shitty policies is a good idea. While rich arseholes can sue rich arseholes with great ease, both defendant and plaintiff will, in practice, settle quickly so their money and reputation isn't dragged through the courts.
Ok pedo guy
I guess nobody saw the other post that mentioned this?
https://tech.slashdot.org/stor...
that internet sounds boring and uninspired. I imagine it like the office from Joe vs. the Volcano.
Ironically, your suggestion would be hidden as well if people are browsing with score at least 1. Duh.
HA HAAAA!
Well, I don't know about your personal situation, but on the whole the current identity politics are not advancing any real improvements for minorities in the long term. They are simply pandering and keeping them dependent.
Because people might otherwise switch to VKontakte perhaps? And the latter has no problem with naked tits as well, so nu prudish US censorship anymore.
This post is useless without links.
Populus vult decipi, ergo decipiatur...
"Force shits upon Reason's back." - Poor Richard's Almanac