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IN the COURT of CHANCERY of the STATE of DELAWARE ______: KAREN SBRIGLIO and FIREMEN’S : RETIREMENT SYSTEM of ST

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IN the COURT of CHANCERY of the STATE of DELAWARE ______: KAREN SBRIGLIO and FIREMEN’S : RETIREMENT SYSTEM of ST EFiled: Nov 16 2018 05:32PM EST Transaction ID 62678474 Case No. 2018-0307-JRS IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ________________________________ : KAREN SBRIGLIO and FIREMEN’S : RETIREMENT SYSTEM OF ST. : LOUIS, derivatively on behalf of : Nominal Defendant FACEBOOK, INC., : : Plaintiff, : : C. A. No. 2018-0307-JRS v. : : MARK ZUCKERBERG, SHERYL : SANDBERG, MARC ANDREESSEN, : ERSKINE B. BOWLES, SUSAN : DESMOND-HELLMANN, REED : HASTINGS, JAN KOUM, PETER A. : THIEL, and : PRICEWATERHOUSECOOPERS LLP, : : Defendants, : : - and – : : FACEBOOK, INC., : : Nominal Defendant. : : PLAINTIFFS’ OMNIBUS OPPOSITION TO DEFENDANTS’ MOTIONS TO DISMISS OR, IN THE ALTERNATIVE, STAY THESE PROCEEDINGS OF COUNSEL: DILWORTH PAXSON LLP Catherine Pratsinakis (#4820) Thaddeus J. Weaver (#2790) Bryn M. McDonough (Admitted PHV) One Customs House 1500 Market Street, Suite 3500E 704 King Street, Suite 500 Philadelphia, PA 19102 P.O. Box 1031 Tel: (215) 575-7000 Wilmington, DE 19899 [email protected] Tel: (302) 571-8867 [email protected] Tel: (302) 655-1480 [email protected] KAPLAN FOX & KILSHEIMER LLP Frederic S. Fox (Admitted PHV) [email protected] David A. Straite (#5428) [email protected] Aaron L. Schwartz (Admitted PHV) [email protected] 850 Third Ave., 14th Floor New York, NY 10022 Tel: (212) 687-1980 Counsel for Plaintiffs November 8, 2018 TABLE OF CONTENTS TABLE OF AUTHORITIES ................................................................................... iii INTRODUCTION ..................................................................................................... 1 STATEMENT OF FACTS ........................................................................................ 3 A. Zuckerberg Dominates Every Facet Of Facebook ................................ 4 B. Officer Defendants Decide To Open Facebook’s Platform To Third Parties In Pursuit Of Hyper-Growth............................................ 4 C. Director Defendants Consciously Disregarded Facebook’s Illegal Data Sharing ............................................................................... 7 D. The Truth About Facebook’s Privacy and Data Sharing Practices Come To Light ..................................................................... 19 PROCEDURAL BACKGROUND .......................................................................... 20 I. DEMAND ON THE BOARD IS FUTILE .................................................... 21 A. The Standard for Assessing Demand Futility ..................................... 22 B. The Majority of the Board Lacks Independence ................................. 24 1. Zuckerberg’s Interests Are Directly Implicated ....................... 24 2. Zuckerberg Dominates The Board ............................................ 26 3. Sandberg (An Insider) Has A Disabling Conflict ..................... 32 4. Outside Directors Have Disabling Conflicts ............................ 33 a. Andreessen ......................................................................33 b. Thiel ................................................................................34 c. Bowles ............................................................................35 d. Desmond-Hellmann ........................................................35 e. Koum ..............................................................................37 f. Hastings ..........................................................................38 C. The Majority Of The Board Faces A Substantial Likelihood Of Liability ............................................................................................... 40 1. Officer Defendants Breached Their Fiduciary Duties By Engaging In Acts Intended To Violate Positive Law ............... 41 i 2. Director Defendants Violated Their Duty of Oversight When They Utterly Failed To Monitor Facebook’s Sharing of Data With Third Parties .......................................... 48 3. Director Defendants Failed to Act When They Learned About Cambridge Analytica in 2015 ........................................ 50 4. Director Defendants Adequately Alleged That Director Defendants Knew of and Ignored Control Deficiencies ........... 52 5. Zuckerberg, Sandberg And Koum Face Substantial Likelihood Of Liability For Insider Trading............................. 60 a. Insider-Trading Defendants Possessed Material, Non- Public Information Concerning Third Parties’ Access to Private User Data. ...........................................................61 i. Insider-Trading Defendants Possessed Confidential, Non-Public Information .................61 ii. The Inside Information Was Material ..................66 b. Insider-Trading Defendants Traded on the Basis of Material, Non-Public Information ..................................67 6. Director Defendants Face A Substantial Likelihood of Liability For Violating Disclosure Duties ................................ 70 D. PwC Cannot Rely On Pre-suit Demand .............................................. 82 II. DIRECTOR DEFENDANTS CANNOT CLAIM THE PROTECTION OF THE EXCULPATORY PROVISION OF SECTION 102(b)(7) ...................................................................................... 86 III. THE INDEMNIFICATION AND CONTRIBUTION CLAIMS ARE RIPE ............................................................................................................... 87 IV. THE COMPLAINT STATES A CLAIM AGAINST PWC FOR AIDING-AND-ABETTING .......................................................................... 89 A. PwC Learned About Cambridge Analytica in 2015, Failed to Investigate, and Continued Falsely Certifying to the FTC That Facebook was Not Illegally Sharing Data With Third Parties ............ 90 B. PwC’s Conduct Contributed to and Aided Facebook Defendants’ Breach of Their Fiduciary Duties ................................... 93 V. PLAINTIFFS’ ACTION SHOULD PROCEED TO DISCOVERY............. 97 ii A. Staying This Litigation Would Undermine Delaware’s Strong Interests In Adjudicating Corporate Governance Matters and Severely Prejudice Shareholders ......................................................... 98 B. Stay will Postpone The Use Of, Not Preserve, Judicial Resources and Some Reasonable Coordination Will Address Concerns of Duplication .................................................................... 104 C. Proceeding With This Litigation Will Not Result in Overwhelming Hardship and Inconvenience .................................... 106 CONCLUSION ...................................................................................................... 109 iii TABLE OF AUTHORITIES Cases Adirondack GP, Inc. v. Am. Power Corp., 1996 WL 684376 (Del. Ch. Nov. 13, 1996) ........................................................94 Alidina v. Internetcom Corp., 2002 WL 31584292 (Del. Ch. Nov. 6, 2002) ......................................................83 Am. Int’l Group, Inc. v. Greenberg, 965 A.2d 763 (Del. Ch. 2009) ..................................................................... passim Appel v. Berkman, 180 A.3d 1055 (Del. 2018) ..................................................................................68 Aronson v. Lewis, 473 A.2d 805 (Del. 1984) ............................................................................. 22, 27 Biondi v. Scrushy, 820 A.2d 1148 (Del. Ch. 2003) ...........................................................................96 Brandin v. Deason, 941 A.2d 1020 (Del. Ch. 2007) ............................................................ 94, 96, 103 Brehm v. Eisner involved, 746 A.2d 244 (Del. 2000) ............................................................................. 24, 25 Brophy v. Cities Serv. Co., 70 A.2d 5 (1949) ........................................................................................... 58, 67 California Public Employees’ Retirement Sys. v. Coulter, 2002 WL 31888343 (Del. Ch. Dec. 18, 2002) ....................................................83 Carpenter v. United States, 138 S.Ct. 2206, 585 U.S. __ (2018) ....................................................................44 Certainteed Corp. v. Celotex Corp., 2005 WL 217032 at * 3 (Del. Ch. Jan. 24, 2005) ...............................................84 Chen v. Howard-Anderson, 87 A.3d 648 (Del. Ch. 2014) ...............................................................................73 City of Austin Police Ret. Sys. v. ITT Educ. Serves., Inc., 2005 WL 280345 (S.D. Ind. Feb. 2, 2005) ........................................................105 City of Roseville Employees’ Ret. Sys. v. Horizon Lines, Inc., 686 F. Supp. 2d 404 (D. Del. 2009) ....................................................................65 Crescent/Mach I Partners, L.P. v. Turner, 846 A.d 963 (Del. Ch. 2000) ........................................................................ 74, 86 David B. Shaev Profit Sharing Account v. Armstrong, 2006 WL 391931 (Del. Ch. Feb. 13, 2006) .........................................................23 iv Daystar Constr. Mgmt., Inc. v. Mitchell, 2006 WL 2053649 (Del. Super. July 12, 2006) ..................................................84 Del. Cty. Employees Ret. Fund v. Sanchez, 124 A.3d 1017 (Del. 2015) ........................................................................... 23, 35 Delaware Supreme Court in Gantler v. Stephens expressly, 965 A.2d 695, 708-09 & n.37 (Del. 2009) ..........................................................45 Desimone v. Barrows, 924 A.2d 908 (Del. Ch. 2007) .............................................................................45
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