Social media giant Facebook is paying $35 million law-suit to settle claims that its officers and directors misled investors in the company’s 2012 Initial Public Offering.
Investors sued Facebook because company's top directors and executives spread the wrong information about company's growth to artificially increase the value of company's Initial Public Offering (IPO) in 2012.
However, Facebook didn't admit any wrongdoing as part of the settlement and their officials stated,
“We believe that resolving this case is in the best interests of the company and our shareholders," Sandeep Solanki, Facebook’s associate general counsel, said in a statement.
As per sources, $35 million is a small fraction amount as compared to Facebook's current market value of roughly $537 billion.