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In May 2010, it was reported that ConnectU was accusing Facebook of securities fraud on the value of the stock that was part of the settlement and wanted to get the settlement undone. According to ConnectU's allegations, the stock was worth $11 million instead of $45 million that Facebook presented at the time of settlement.
ConnectU (originally Harvard Connection) was a social networking website launched on May 21, 2004, [7] that was founded by Harvard students Cameron Winklevoss, Tyler Winklevoss, and Narendra in December 2002. [8] Users could add people as friends, send them messages, and update their personal profiles to notify friends about themselves.
An Internet forum, or message board, is an online discussion site where people can hold conversations in the form of posted messages. [1] They are an element of social media technologies which take on many different forms including blogs, business networks, enterprise social networks, forums, microblogs, photo sharing, products/services review, social bookmarking, social gaming, social ...
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Cameron Winklevoss was born in Southampton, New York, and raised in Greenwich, Connecticut. [1] He is the son of Carol (née Leonard) and Howard Edward Winklevoss Jr.; [2] [3] Howard was an adjunct professor of actuarial science at the Wharton School of the University of Pennsylvania.
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The stock was at 98, but Uncle Jean had bought it 19 years earlier at four. Another was at 337 purchased at 10. Nearly all the holdings had been held for all of those 19 years.
Settlement was reached where Facebook acquired ConnectU for 1,253,326 shares of Facebook stock and an additional $20 million in cash. [ 21 ] [ 22 ] On August 26, 2010, The New York Times reported that Facebook shares were trading at $76 per share in the secondary market, putting the total settlement value at close to $120 million.