The Winklevoss twins  (Source:
Facebook filing claims the twins have settler's remorse

The twins who have experienced previous legal struggles with the internet giant Facebook are filing yet another lawsuit against the social networking site's CEO claiming that a former friend had lied to them about the company's value. 

In 2002, Tyler and Cameron Winklevoss, twins who attended Harvard University with Facebook CEO Mark Zuckerberg, had started a social networking site called HarvardConnection. After losing a programmer for the site in 2003, the Winklevosses asked Zuckerberg to join their team. Zuckerberg allegedly entered into an oral contract with the twins and their partner, Divya Narendra. 

Over the next two months, Zuckerberg began creating a social networking site of his own called "" while sending e-mails to the twins stating that he had been busy as of late, but was making changes to HarvardConnection. On February 4, he officially launched Two days later, the Winklevosses had learned about the new site. Later in 2004, ConnectU, which was HarvardConnection's new name, filed a lawsuit against Facebook for allegedly stealing the idea of ConnectU and for breaking oral contract. 

Now, even after winning a $65 million settlement in 2008, the twins believe they are entitled to more after a friend allegedly lied about the value of the company. They also claim that Zuckerberg has committed securities fraud. The legal papers were filed at the United States District Court for the Northern District of California, and the case "threatens to end in 'scorched Earth' litigation" if it ends up going before a judge.

In response to the allegations, Facebook claims that the twins are dealing with settlers' remorse after the $65 million deal. The company also noted that the previous settlement agreement "is enforceable because it clearly communicated the parties' intention to be bound and the terms were definite."

In addition, Facebook's filing claims that the "twins admit that they calculated the value [of Facebook] themselves, based upon a truthful press release from several months earlier" and "their fraud claim is based on omission; they fault Facebook for not volunteering a more recent - and, they claim, lower - valuation of different Facebook stock."

"They insist that their sworn enemy had some special duty to open its books and volunteer any information that bears on the value of this closely held company," Facebook's filing states. 

The twins have demanded an unspecified amount of additional money.

"Spreading the rumors, it's very easy because the people who write about Apple want that story, and you can claim its credible because you spoke to someone at Apple." -- Investment guru Jim Cramer

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