Twitter Class Action Lawsuit
(TWTR Lawsuit)
What Is The Twitter Class Action Lawsuit About?
The Twitter Class Action Lawsuit (NYSE: TWTR) (Twitter Class Action Lawsuit) was filed when after the market closed on August 23, 2022, before market hours, CNN published an article titled, “Ex-Twitter exec blows the whistle, alleging reckless and negligent cybersecurity policies”.
The article states, in relevant part:
“Twitter has major security problems that pose a threat to its own users’ personal information, to company shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post.
Is There A Twitter Class Action Lawsuit?
TWTR:NYSE Class Action Lawsuit (Twitter Inc.) was filed on September 13, 2022 on behalf of shareholders. The lawsuit was filed because the disclosure, sent August 2022 to Congress and federal agencies, paints a picture of a chaotic and reckless environment at a mismanaged company that allows too many of its staff access to the platform’s central controls and most sensitive information without adequate oversight.
The article states, in relevant part:
“Twitter has major security problems that pose a threat to its own users’ personal information, to company shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post.
It also alleges that some of the company’s seniormost executives have been trying to cover up Twitter’s serious vulnerabilities, and that one or more current employees may be working for a foreign intelligence service.
On this news, Twitter shares traded at unusually high volumes and Twitter share prices fell $3.15, or over 7%, to close at $39.86 on August 23, 2022, damaging investors
Is There A Deadline For The Twitter Lawsuit?
The deadline for the Twitter Class Action Lawsuit (NYSE:TWTR) (Twitter Class Action Lawsuit) is November 14, 2022 for a Lead Plaintiff
How Much Did Shareholders Lose In Twitter Stock?
Shareholders who held TWTR securities saw stock prices fell $3.15, or over 7%, to close at $39.86 on August 23, 2022, damaging investors
What Is The Twitter Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a TWTR class action lawsuit (Twitter Class Action Lawsuit) has been filed on behalf of investors who purchased Twitter Class Action Lawsuit (TWTR) securities between August 3, 2022 and August 23, 2022, inclusive. For more on the TWTR Lawsuit please contact us today.
According to the Twitter Inc. lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) Twitter knew about security concerns on their platform;
(2) Twitter actively worked to hide the security concerns from the board, the investing public, and regulators;
(3) contrary to representations in SEC filings, Twitter did not take steps to improve security;
(4) Twitter’s active refusal to address security issues increased the risk of loss of public goodwill; and
(5) as a result, Defendants’ statements about Twitter’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you suffered a loss in TWTR, you have until November 21, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired TWTR securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The TWTR class-action lawsuit is directed by the lead plaintiff. To litigate the Twitter Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the TWTR Class Action lawsuit.
What Does TWTR Do?
Twitter, Inc. operates as a platform for public self-expression and conversation in real-time.
The company’s primary product is Twitter, a platform that allows users to consume, create, distribute, and discover content. It also provides promoted products that enable advertisers to promote brands, products, and services, as well as enable advertisers to target an audience based on various factors, including who an account follows and actions taken on its platform, such as Tweets created and engagement with Tweets.
Its promoted products consist of promoted ads and Twitter Amplify, Follower Ads, and Twitter takeover. In addition, the company offers monetization products for creators, including Tips to directly send small one-time payments on Twitter using various payment methods, including bitcoin; Super Follows, a paid monthly subscription, which includes bonus content, exclusive previews, and perks as a way to support and connect with creators on Twitter; and Ticketed Spaces to support creators on Twitter for their time and effort in hosting, speaking, and moderating the public conversation on Twitter Spaces.
Further, it offers products for developers and data partners comprising Twitter Developer Platform, a platform that enables developers to build tools for people and businesses using its public application programming interface; and paid access to Twitter data for partners with commercial use cases. Twitter, Inc. was founded in 2006 and is based in San Francisco, California.
As of October 27, 2022, Twitter, Inc. was taken private.
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