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TWTR.US
id: 292, Created by Stan Vick Chase, Scout
Twitter Inc
Settled
06 February 2015
Class period Start28 July 2015
Class period End23 November 2022
Claim deadlineIN RE TWITTER, INC. SECURITIES LITIGATION.
Twitter Inc (TWTR) agreed to pay $809.5 million to settle a securities class action lawsuit accusing the Company of deceiving investors about user engagement in 2015.
The initial complaint in this action was filed on September 16, 2016. It alleged that Twitter and its Leaders knowingly concealed and made false statements about the Company’s key operating metrics to artificially inflate the price of Twitter’s common stock and that when the Company disclosed the true facts, Twitter’s stock price dropped.
The class action claimed Twitter misled investors about the following metrics:
- monthly active users;
- the total number of users on its platform;
- the timeline views;
- and how frequently users interacted with the platform.
After 5-year court proceedings, Twitter agreed to settle with investors to avoid further litigation.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Lead plaintiff
KBC
Attorney
Robbins Geller Rudman & Dowd LLP, Motley Rice LLC
Court
Northern District of California
Judge
Hon. Jon S. Tiger
Administrator
EPIQ
Court hearing date
17 November 2022
+$809,500,000
Total Settlement Amount