Published: Mon, July 30, 2018
Money | By Michele Stevens

Shareholder sues Facebook after stock plunges

Shareholder sues Facebook after stock plunges

Facebook Inc Chief Executive Officer Mark Zuckerberg's fortune took an nearly $16 billion hit on Thursday, as the social media giant headed for the biggest one-day wipeout in USA stock market history, a day after executives forecast years of lower profit margins. Facebook CFO, David Wehner commented on the issue, saying: "Our total revenue growth rates will continue to decelerate in the second half of 2018, and we expect our revenue growth rates to decline by high-single-digit percentages from prior quarters sequentially in both Q3 and Q4".

Kacouris stated that the marketplace, in one way or another, was "shocked" the moment "the truth" began to surface on Wednesday from the very headquarters of Facebook. Kacouris said that the 19 percent drop in Facebook shares the next day stemmed from federal securities law violations by the defendants.

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In a statement, Charter spokesman Andrew Russell accused the commission's actions of being politically motivated. The state lawyers plan to bring an enforcement action in NY state court.

The plaintiff, James Kacouris, filed the lawsuit Friday seeking class action status and to recover damages. Furthermore, the growth in the number of daily average users is slowing down as well.

Facebook is also battling several other suits relating to the handling of user data in the Cambridge Analytica case. Since then, many have been consolidated in the federal court in San Francisco.

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C Harish Kumar Reddy is wary of Emery's appreciation for the player and hopes Arsenal "don't go that route" of signing Nzonzi. If they work hard, prepare well, they can take these opportunities.

This allowed Buffer to rank third among the world's billionaires, while Zuckerberg ends up in the sixth spot. CEO Mark Zuckerberg saw his net worth fall by roughly $16 billion as a result.

Late Wednesday, Facebook warned that its revenue growth will slow down significantly for at least the remainder of the year and that expenses will continue to skyrocket. Technology companies account for six of the 10 biggest companies in the S&P 500 Index.

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The coast guards told EFE that while 15 people were rescued, eight Danish tourists were reported to be adrift on a boat. The first fire started in the Geraneia mountains near Kineta, prompting three villages to be evacuated.

Investors filed at least two proposed securities fraud class actions against Facebook in NY federal court Friday, accusing the company and its top brass of misleading shareholders in the months leading up to its disappointing earnings statement and subsequent $120 billion stock drop. The shares closed up 0.5 per cent.

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