Securities class action litigation has been filed on behalf of investors who sold securities of Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) from May 13, 2022 through October 4, 2022, inclusive (the “Class Period”).
If you sold Twitter securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 12, 2022. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Twitter investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email email@example.com, or call Lieff Cabraser partner Sharon M. Lee at 1-800-541-7358.
Twitter is a social media platform that allows users to engage in real-time communication around the world. Elon Musk founded Tesla, Inc. and Space Exploration Technologies Corp. (“Space X’). According to Forbes, Musk is the wealthiest person in the world.
The securities class action alleges that Elon Musk made false and/or misleading statements regarding his intention to buy Twitter, harming investors who sold Twitter shares during the Class Period. The action alleges that Musk knew that he had no legally justifiable reasons for ending the merger, and that Musk made false statements about terminating the merger in order to lower Twitter’s stock price so that he could negotiate a lower merger price. The action also alleges that Musk was trying to delay his purchase of Twitter in case the price of his Tesla, Inc. (“Tesla”) stock rebounded, which would have allowed him to sell less Tesla stock to fund the Twitter purchase. The action was filed on behalf of investors who sold Twitter stock at a depressed price during the Class Period before Musk announced his decision to complete the merger.
On April 13, 2022, Elon Musk wrote a letter to Twitter Board Chairman Bret Taylor offering to buy Twitter for $54.20 per share, which represented a 54% premium over the price of Twitter stock the day before Musk began investing in Twitter. On May 13, 2022, Elon Musk announced on Twitter that he was putting the merger on hold pending data from Twitter supporting the calculation that less than 5% of accounts on Twitter were spam or fake accounts. On this news, the price of Twitter common stock fell $4.36, or 9.67%, from a closing price of $45.08 per share on May 12, 2022, to close at $40.72 per share on May 13, 2022, on elevated trading volume.
On October 4, 2022, just 13 days before his trial against Twitter was set to begin, Elon Musk announced his intention to buy Twitter on the original terms. On this news, the price of Twitter stock rose $9.46, or 22.24%, from a closing price of $42.54 on October 3, 2022, to close at $52.00 per share on October 4, 2022, on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.