TWITTER, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who sold or otherwise disposed of Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) securities between March 24, 2022 and April 1, 2021, inclusive. The lawsuit seeks to recover Twitter shareholders’ investment losses.
If you sold or otherwise disposed of securities in Twitter, Inc. between March 24, 2022 and April 1, 2021, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
Elon Musk (“Musk”) is the founder of Tesla and SpaceX, and according to Forbes, is the richest person in the world.
Beginning in January 2022, Musk started to acquire shares of Twitter. By March 14, 2022, Musk had acquired more than a 5% ownership stake in Twitter.
Pursuant to Section 13(d) of the Exchange Act and SEC Rule 13d-1 promulgated thereunder, 17 C.F.R. § 240.13d-1(a), Musk was required to file a Schedule 13 with the SEC within 10 days of passing the 5% ownership threshold in Twitter, or March 24, 2022.
Musk did not file a Schedule 13 with the SEC within the required time and instead continued to amass Twitter shares, eventually acquiring a 9.1% stake in the Company before finally filing a Schedule 13 on April 4, 2022.
When Musk finally filed the required Schedule 13, thereby revealing his ownership stake in Twitter, the Company’s shares rose from a closing price of $39.31 per share on Friday, April 1, 2022, to close at $49.97 per share on April 4, 2022 – an increase of approximately 27%.
Investors who sold securities of Twitter stock between March 24, 2022, when Musk was required to have disclosed his Twitter ownership, and before the Monday, April 4, 2022 disclosure, missed the resulting price increase as the market reacted to Musk’s purchases and were damaged thereby.
By failing to disclose his ownership stake via Schedule 13, Musk was able to acquire shares of Twitter less expensively during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than June 13, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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