Facebook Inc. and Chief Executive Mark Zuckerberg have reached a $35 million settlement of class-action litigation accusing them of hiding worries about the social media company’s growth prior to its May 2012 initial public offering. Shareholders led by the Arkansas Teacher Retirement System and Fresno County Employees’ Retirement Association in California accused Facebook of concealing internal concerns about how growth in mobile devices might reduce revenue, even as it quietly warned its banks to cut their forecasts.
- Read the article: Reuters
