facebook inc-a (FB) Key Developments
Zenimax Media Inc. Adds Facebook, Inc. to the Suit Against Oculus VR
Aug 29 14
Zenimax Media Inc. announced that it has added Facebook Inc. to its 3-month-old intellectual property lawsuit against Oculus VR, expanding its allegations against the world's larger social network. Zenimax first filed suit against Oculus in May 2014, arguing that it contributed time, expertise and technology to the development of Oculus' virtual reality headset, without being compensated. Oculus, in a response, has called the litigation 'meritless'. Since the original filing, Facebook has closed on its $2 billion acquisition of Oculus, and - as could be expected - is now listed as a defendant in the lawsuit. In the amended filing, Zenimax argues that the social network plans to 'leverage and commercially exploit Oculus's virtual reality technology - which is built upon ZeniMax's unlawfully misappropriated intellectual property - for the financial benefit of Facebook's core business of online social networking and advertising'. It claims that Oculus, in its merger agreement with Facebook, misrepresented the state of its intellectual property ownership. The lawsuit centers on the early development of the Oculus Rift, a still-unreleased headset used for immersive 3D gaming. Zenimax says its subsidiary id Software LLC provided key support to Oculus founder Palmer Luckey that helped turn the rift into a commercially viable product. As the Rift gained buzz, Zenimax claims that 'Oculus and Luckey became increasingly evasive and uncooperative' in compensation talks, and that the two sides never reached a resolution.
Facebook Hires Andrew Bocking for Internet.Org App
Aug 7 14
Former BlackBerry BBM head Andrew Bocking has joined Facebook as the leader of the company's new Internet.org app for smartphones. Bocking will now act as project manager for the Internet.org app, which aims to bring internet connectivity and web resources to the world's most disadvantaged areas. The software was launched in August 2013 and is backed by Facebook co-founder Mark Zuckerberg. Internet.org reached Zambia earlier in the month, allowing residents to use a variety of free internet services such as Google Search, Facebook, Wikipedia, AccuWeather and more.
Facebook and RB Partner on Innovative Global Approach to Effectively Reach Consumers in their Digital Lives
Aug 4 14
Facebook and RB announced that they have entered into a multi-year, nine-figure global partnership. The two companies have committed to integrating members of their global sales, marketing and creative teams to connect RB brands like Lysol(R), Mucinex(R), MegaRed(R) and Air Wick(R) with people on Facebook to bring them innovative solutions for healthier lives and happier homes. Furthermore, the agreement brings a unique alignment between the two companies to recruit, nurture and develop the next generation of leaders together. RB and Facebook will hold joint recruiting events at key universities and have committed to investing in bringing in the best talent for both companies.
Austrian Student Sues Facebook over Privacy Violations
Aug 4 14
An Austrian law student has brought a class action lawsuit against Facebook, at a commercial court in Vienna over privacy violations. Privacy activist Max Schrems, who runs an activist group called Europe v Facebook, has claimed damages of 500 per user for the violations by the social network, urging the 1.32 billion Facebook users to join him in his legal battle. The legal proceedings would run as a class action because the Austrian law allows a group of people to transfer their financial claims to a single person. The 26-year old student was quoted as saying that the move was aimed at making Facebook finally operate lawfully in the area of data protection. The suit, however also criticized Facebook's use of "big data" analysis of user behaviour and further criticized the company for allegedly supporting the US Prism surveillance program - the National Security Agency's secret monitoring and data mining exposed by whistleblower Edward Snowden.
Facebook, Inc. Provides Capital Expenditure and Tax Rate Guidance for the Fiscal 2014
Jul 23 14
Facebook, Inc. provided capital expenditure and tax rate guidance for the fiscal 2014. For taxes, the company expects GAAP and non-GAAP rates for the rest of 2014 to be similar to its second quarter rates, although these could vary widely depending on the coampny’s international revenue and expense mix and other factors, most notably the impact from acquisitions, including the expected closing of WhatsApp later this year. The company continues to anticipate that 2014 capital expenditure will be approximately $2 billion to $2.5 billion.