Lawsuit filed over Facebook’s plan to issue new Class C stock

, 1:38 PM IST

California : In a bid to stop the company’s plan to issue new Class C stock, a shareholder of Social networking giant Facebook has filed a class action lawsuit, calling the move an unfair deal.

Facebook on the other hand said the plan is in the best interests of the company and all stockholders.

“The issuance of the Class C stock will, in effect, have the same effect as a grant to Zuckerberg of billions of dollars in equity, for which he will pay nothing,” the lawsuit said. (ANI)