Winklevoss twins to approach Supreme Court
The Winklevoss twin brothers, who have lost several legal battles against Facebook owner Mark Zuckerberg in claiming more chare in the company, have said that they will now approach the Supreme Court for their case against their Harward follow student.
Cameron and Tyler Winklevoss claim that Mark Zuckerberg improperly appropriated their idea for a social network.
A U. S. federal appeals court had ruled last month that the settlement reached between Facebook and three persons; Cameron and Tyler Winklevoss and another Harvard classmate stands. The Winklevoss twins had asked the appeals court to release them from the settlement alleging that Facebook officials misled them about the value of the company's shares they received as part of the deal when the settle was agreed in 2008.
They allege that company officials told them that the value of the shares was about four times higher than it actually was. A district court had ratified the settlement which gave $20 million in cash and $45 million worth of shares to the Winklevoss twins and Divya Narendra.
The court had noted that the Winklevoss twins have made significant gains as shares have more than tripled in value since the settlement was reached as Facebook is now valued at around $50 billion.
"The Court's decision shut the courthouse door to a solid claim that Facebook obtained this settlement by committing securities fraud. Our Petition to the Supreme Court will ask the high court to decide whether that door should be reopened," said the two who also feature in the movie The Social Network after their case was thrown away by the US 9th Circuit Court on Monday.