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Facebook Directors Sued Over Handling of Non-Voting Shares

  • Board committee accused of being too chummy with Zuckerberg
  • Facebook CEO dropped his push for non-voting stock last year
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Photographer: Andrew Harrer/Bloomberg
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A pension fund sued Facebook Inc. directors for being too accommodating when co-founder Mark Zuckerberg sought to create non-voting shares so he could retain control after selling most of his stake to fund his family’s philanthropic endeavors.

While Zuckerberg scrapped his plans last year for creating a new class of shares with no voting power, directors should be held accountable for the chummy way in which they considered his proposal, the United Food and Commercial Workers Union’s pension fund said in the complaint.