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TWTR.US
id: 256, Created by AndrewEarley, Scout
Twitter Inc
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
Elon Musk violated the SEC's 5% ownership disclosure rule, saving him more than $140 million in stock purchases. Due to the 10-day delay in disclosure, many investors who sold shares during this period, suffered.
On April 4, Musk announced that he had acquired 9.2% of Twitter's stock for $2.64 billion although according to the SEC Rules disclosure must be made after overcoming the barrier of 5%. Investors who cross that line are required to file a form with the SEC revealing their stake within 10 days. Mr. Musk’s holdings topped 5% on March 14, securities filings show, meaning he should have disclosed his stake by March 24 under SEC rules. After March 24, Mr. Musk purchased roughly $513 million of stock at prices between $38.20 and $40.31 a share, according to a regulatory filing. The total buying spree made him Twitter’s largest individual shareholder with 9.2% of its shares.
While Mr. Musk was buying shares, other investors were selling shares without having all the information they should have. The difference in price between the sales from March 24 to April 4 with the closing price of shares on April 4 can be considered a loss caused by Mr. Musk's unfair practices.
It later emerged that a potential buyout of Twitter shares was to be financed by Morgan Stanley, with which Mr. Musk has long-standing ties. If it turns out that he consulted with the bank prior to beginning his purchases on January 31, 2022, the period should be extended at the starting point to January 31, as the bank is indirectly responsible for managing more than 8% of the company's shares and they can be considered related parties with Musk.
Alleged Offence
Failure to Disclose
Suspected Party
Shareholder,
Investment Bank
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04 April 2022