Facebook is sued after stock plunge

Technology

NEW YORK (Reuters) – A shareholder of Facebook Inc (FB.O) on Friday filed the first of what could be many lawsuits against the social media company and Chief Executive Mark Zuckerberg following a 19 percent one-day plunge in Facebook’s share price.

FILE PHOTO: Facebook CEO Mark Zuckerberg speaks at Facebook Inc’s annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam/File Photo

The complaint filed by James Kacouris accused Facebook and Zuckerberg of violating federal securities laws, and seeks class-action status and unspecified damages.

Reporting by Jonathan Stempel in New York; Editing by Susan Thomas

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