A Facebook shareholder has filed a proposed class action lawsuit on Friday in a bid to stop the company's plan to issue new Class C stock, calling the move an unfair deal to entrench Chief Executive Mark Zuckerberg as controlling shareholder, reports Reuters. The lawsuit, filed in the Delaware Court of Chancery, comes two days after the social networking company announced its plan to issue the shares. The rejiggering of Facebook's share structure, effectively a 3-for-1 stock split, follows the 31 year-old's announcement last December that he intends to put 99 percent of his Facebook shares into a new philanthropy project focussing on human potential and equality. The lawsuit contends that a Facebook board committee which approved the share deal "did not bargain hard" with Zuckerberg "to obtain anything of meaningful value" in exchange for granting Zuckerberg added control.