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Billionaire Mark Zuckerberg and His Facebook company were sued for hiding its real revenues

Just after a few days of happy marriage of Mark Zuckerberg with his wife, a sad news hovered over the internet. He, his company (Facebook Inc.), and the banks led by Morgan Stanley were sued by their shareholders for allegedly concealing Facebook's real revenue growth forecasts.
Facebook Wanted!

The shareholders filed a case against Facebook Inc, CEO Mark Zuckerberg and banks led by Morgan Stanley for not revealing the real revenue growth forecasts to the investors during the Facebook's initial public offering marketing process. They accused Facebook Inc. of "a severe and pronounced reduction" in Facebook revenue growth forecasts.

The shareholders doubted the Facebook's reported decrease of its revenue while it reported an increase use of its application or website through mobile devices. It's unlikely to happen that Facebook's revenue will decrease where a large number of its users and advertisers are increasing.

The charges were filed in the US District Court in Manhattan on Wednesday (May 23, 2012).

Is this the beginning of the end of Facebook? What do you think?
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"Billionaire Mark Zuckerberg and His Facebook company were sued for hiding its real revenues" was written by Mary under the News category. It has been read 1922 times and generated 0 comments. The article was created on and updated on 23 May 2012.
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