Facebook Inc. (FB.O) co-founder Mark Zuckerberg is slated to appear before a judge Nov. 19 to explain why he dropped a plan to create non-voting shares, which would’ve allowed him to retain control of the world’s largest social-media company after selling most of his stake to fund charitable works.
Delaware Chancery Court Judge Travis Laster had ordered Zuckerberg to travel to the east coast to testify in a lawsuit where investors are seeking to recoup legal fees incurred in stopping the plan.
The investors’ lawyers are seeking US$129 million from the company. Facebook officials say they only deserve US$20 million. Laster wants to hear from Zuckerberg to help him decide the value of the legal fees.
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