Three Harvard graduates who came up with the idea of Facebook plan to gamble a £65 million settlement they made with the website in bid to get more money.
Tyler and Cameron Winklevoss and Divya Narendra say that they were robbed of millions because Facebook misrepresented its stock price at the time of their settlement.
The graduates are accusing Mark Zuckerberg of stealing their idea for the world’s biggest social network. Zuckerberg denies the claims.
In 2008, Facebook agreed to pay the men to end the “rancorous litigation”, but now the men want the case to be heard again.
Today (Tuesday), the men will ask the Ninth Circuit Court of Appeals in San Francisco to undo the original settlement to legally push Facebook for mroe money.
“The settlement they reached involved $20m in cash and $45m in stock based on a valuation of $36 a share,” said Jerome Falk, senior attorney for the Winklevoss twins and Mr Narendra.
“Facebook failed to disclose that at about the same time its board of directors had approved a valuation of $9 a share which was to be the basis of stock options for key employees. Facebook did not disclose this significant piece of information.”
Zuckerberg will not be in court today. Judges will hear from lawyers from both sides and make a ruling in a few months’ time.
The dispute between the men and Zuckerberg was portrayed in movie The Social Network.