Case: In re: Facebook Derivative Litigation
Court: Delaware Chauncery Court
Class Period: On behalf of all shareholders of Facebook, Inc. n/k/a Meta, Inc. 
Attorneys: Fred Fox, Laurence King, Hae Sung Nam, Donald Hall, Aaron Schwartz, Kathleen Herkenhoff

On May 10, 2023, a Delaware Chancery Court judge issued an order that largely denied Facebook's motion to dismiss a shareholder derivative lawsuit brought by Kaplan Fox's client, CalSTRS, among others.  The upheld complaint alleges Facebook's management and Board of Directors, including but not limited to Defendants Mark Zuckerberg, Sheryl Sandberg, Marc Andreessen, and Peter Thiel, violated their fiduciary duties to the company by allowing Facebook to share its users' personal data without their consent, resulting in billions of dollars in investor losses and the erosion of user trust.  

Indeed, according to the Court, the complaint "tells a story of directors who were on notice of the law breaking, and who either affirmatively went along with it or consciously disregarded it. What we don't have is a little law breaking. What we don't have is isolated law breaking. What we don't have are immaterial violations . . . This is a case involving alleged wrongdoing on a truly colossal scale." 

If you wish to discuss this action, please contact Frederic Fox of Kaplan Fox at (212) 687-1980, or via e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Motion to Dismiss
Motion to Dismiss Transcript