Mark Zuckerberg Sued Over ‘Overvalued’ Facebook Stock

A new lawsuit claims Mark Zuckerberg pulled a billion dollar fast one on Facebook investors.

The class action lawsuit — filed by disgruntled Facebook shareholders — claims the 28-year-old CEO had inside info that the stock was grossly overvalued, and he protected his own financial hide by quickly unloading a ton of Facebook stock.


This is the second time in two weeks a group of FB shareholders have joined together to accuse the mogul of withholding information. The lawsuit claims Zuckerberg and his cronies hid the fact that there was a foundational flaw in the Facebook business model — that there was not nearly enough advertising revenue to support a stock valued at $38 a share.

The lawsuit claims Morgan Stanley, JPMorgan, and Goldman Sachs — all sounded the alarm before the IPO that Facebook was seriously overvalued, but that information was “selectively disclosed” to the largest investors. Then again, hasn’t Mark suffered enough.  He’s only worth around $15 billion, isn’t he?

Do you think the Facebook stock could still recover from this mess? Feel free to share your thoughts and ideas in the comment box below!

Source: TMZ

Image: Code Name Tech

Organize Your Closet With the Help of a Phone App

You can use your iPhone to “favorite” looks from a fashion show, so why not be able to do the same thing with your own closet?  Our online retailer of the week, TouchCloset, makes it happen.

Launched late last year, the mobile style app focuses on helping users organize what they already own, rather than search for and acquire new stuff.  Just snap a photo with your iPhone camera, or upload an image from an album.  Next, tag it with various information — category, color, name, and brand. Once you have all that information in, just start creating and naming outfits.

You can also use the app to, say, pick out clothes to pack for a trip — which means, theoretically, you can start getting organized for a vacation from your office desk. Meanwhile, a “shop” feature allows users to browse retailers and add items to a wish list, though the e-commerce side certainly takes a back seat to the app’s management tools.


The program also lets you easily flip through all your saved items, the way an iPod scrolls through album covers.  When out shopping, that particular aspect could come in handy — you’ll never accidentally buy a repeat item again.  The only downside to the app, we think, is that it’s a hefty $9.99.  However, that only emphasizes TouchCloset’s role as a unique personal organizer and not a vehicle for e-commerce.

While Cher’s 90s-era closet might still be a pipe dream, ten bucks seems like a small price to pay to have a pictorial catalog of all your clothes at your fingertips.

Source: The High Low

Image: Touch Closet