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TWTR.US

id: 292

Twitter (TWTR) Record $809.5M Shareholder Settlement

The settlement funds have been distributed to claimants.

$809,500,000

Cash Settlement

N.D. California

Court

4:16-cv-05314

Case number

02/06/2015

Class period Start

07/28/2015

Class period End

11/23/2022

Claim deadline

Twitter Inc (TWTR) settled $809.5 million in a securities class action lawsuit accusing it 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 $TWTR and that when the Company disclosed the 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.

Case Status

Disbursed

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

2.82

Filing date

09/16/2016

Plaintiffs

KBC

Attorneys

Robbins Geller Rudman & Dowd LLP, Motley Rice LLC

Judge

Hon. Jon S. Tiger

Administrator

EPIQ

Court hearing date

11/17/2022

Trades matching type

FIFO