Facebook Inc. has scrapped a plan to reform its stock structure in a way that would have given Mark Zuckerberg more control over the company, avoiding a trial in a shareholder lawsuit that aimed to put the social network’s CEO on the stand this week.
In a regulatory filing submitted on Sept. 22, Facebook said that its board of directors had abandoned the proposed reclassification of the company’s common stock following the unanimous recommendation of a special committee, which had initially approved the arrangement.
