SAN FRANCISCO (Reuters) – A Facebook Inc shareholder filed a proposed class action lawsuit on Friday in a bid to stop the company's plan to issue new Class C stock, calling the move a “patent attempt” to entrench chief executive Mark Zuckerberg as controlling shareholder.
Facebook Inc's quarterly revenue rose more than 50 percent, handily beating Wall Street expectations as its wildly popular mobile app and a push into live video lured new advertisers and encouraged existing ones to boost spending. Facebook also announced it will create a new class of non-voting shares in a move aimed at letting Chief Executive Officer Mark Zuckerberg give away his wealth without relinquishing control of the social media juggernaut he founded. The company plans to create a new class of non-voting shares, which would be given as a dividend to existing shareholders.
Apple also said it was raising its capital return program by $50 billion through a $35 billion increase in its share buyback authorization and a 10 percent rise in the quarterly dividend. Apple said it sold 51.2 million iPhones in its second fiscal quarter, down from 61.2 million in the same quarter a year ago but above analysts' estimates of about 50 million devices. Shares of Apple fell 6 percent on heavy volume in after-hours trade, falling below $100 for the first time since February.
The attackers who stole $81 million from the Bangladesh central bank probably hacked into software from the SWIFT financial platform that is at the heart of the global financial system, said security researchers at British defense contractor BAE Systems. SWIFT, a cooperative owned by 3,000 financial institutions, confirmed to Reuters that it was aware of malware targeting its client software. Its spokeswoman Natasha Deteran said SWIFT would release on Monday a software update to thwart the malware, along with a special warning for financial institutions to scrutinize their security procedures.