ZeniMax is accusing Oculus of misappropriating billions of dollars of intellectual property, Bloomberg reports.
In the complaint filed May 21 at a Dallas federal court, Oculus is accused of stealing and exploiting copyrighted material, trade secrets and "technical know-how," Bloomberg said.
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Oculus has denied the allegations and in a statement to Bloomberg the company said "ZeniMax did not contribute to any Oculus technology."
Shares of Facebook are up 0.13% to $60.60 on Friday.
Separately, TheStreet Ratings team rates FACEBOOK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."