![]() ![]() “If someone is worried a company is violating the Sherman Act, the suit should be to enforce the Sherman Act. The complaint wants to litigate antitrust violations, but those claims belong in a federal court, not Delaware’s chancery court, he said.Ĭommonly referred to as Caremark claims, allegations that a board failed to engage in adequate oversight or ignored red flags shouldn’t be used to litigate federal laws, especially in parallel with federal complaints, he said. Then he spent an hour picking apart a complaint he described as “word salad” and “sloppy.” Laster said he was issuing an oral ruling because, with the court’s heavy workload, not every case alleging a breach of fiduciary duty warranted a lengthy written ruling. The complaint gave the general impression that “Facebook has done a lot of bad things” and thinks it’s above the law, but it didn’t organize those allegations into recognizable claims, he said. But they made “no effort” to explore whether there were actual claims for a breach of fiduciary duty in their own case, Laster said. The plaintiffs amended their complaint to “capitalize” on a separate Federal Trade Commission lawsuit that seeks to force Meta to spin off the photo-sharing Instagram app and the WhatsApp messaging service. The pension fund alleged Facebook ignored red flags that led to a “monopolistic business model” to block future threats to Meta’s dominance in the social media market. “It’s a difficult complaint to follow,” Laster said, ruling from the bench in a teleconference with attorneys for Meta and the Southeastern Pennsylvania Transportation Authority, the pension fund challening the deal. Travis Laster of Delaware’s Chancery Court dismissed a pension fund’s lawsuit alleging of wrongdoing by Facebook’s parent. Meta declined to comment on the memo, referring instead to a post that Zuckerberg made in March declaring 2023 the “year of efficiency” and setting a timetable in which to announce restructuring and layoffs in tech groups in late April and then in business groups in late May.Meta Platforms Inc.’s officers and board on Wednesday escaped claims they ignored red flags and attracted the attention of US regulators with its acquisitions of Instagram and WhatsApp. Meta asked that North American employees who can work from home do so on Wednesday to process the news, the memo showed. The memo circulated to managers indicates that teams will be reorganized and some remaining employees will be reassigned to work under new managers. Meta shares fell 1.6% to $214.41 in pre-market trading, tracking a broader decline in stocks. ![]() Meta in particular is aiming to become leaner and rebalance its ratio of technologists and engineers to business and administrative staff. It also extended a hiring freeze through the first quarter, adding to an industry-wide pullback in recruiting and spending across Silicon Valley. Meta already cut about 13% of its workforce, or about 11,000 jobs, in November. Read more: Meta to Cut 10,000 Jobs, 5,000 Open Roles in Deeper Pullback A further round of cuts is set to follow in May. The move is part of a cost-cutting push that will eventually eliminate 10,000 positions at the company, as announced by Zuckerberg in March. The memo indicates Facebook, WhatsApp, Instagram and Reality Labs - which houses the firm’s virtual reality efforts and Quest hardware - will be affected. The Facebook parent company told managers that they should prepare for job cut announcements on Wednesday, according to a memo seen by Bloomberg News. ![]() Macron’s Push to Get China’s Help on Ukraine Is Unravelingįour Reasons Why Investors Expect US Dollar to Keep SlidingĬhina Says It ‘Respects’ Sovereign Ex-Soviet States After Furor is set to start cutting jobs across the company on Wednesday as it restructures teams and works toward founder Mark Zuckerberg’s goal of greater efficiency this year. ![]()
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