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 purchased or acquired Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) securities between August 3, 2020 and August 23, 2022, inclusive. The lawsuit seeks to recover Twitter shareholders’ investment losses.
If you purchased securities in Twitter, Inc. between August 3, 2020 and August 23, 2022, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
Twitter purports to be a global social media platform for public self-expression and conversation in real time.
In 2010, the Federal Trade Commission (“FTC”) filed a complaint against Twitter for mishandling users’ private information and for having too many employees with access to Twitter’s central controls.
On March 11, 2011, the FTC agreed to a settlement with Twitter. As part of the settlement, Twitter agreed it would be “barred for 20 years from misleading consumers about the extent to which it protects the security, privacy, and confidentiality of nonpublic consumer information, including the measures it takes to prevent unauthorized access to nonpublic information and honor the privacy choices made by consumers.”
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period concerning security issues. Specifically, Plaintiff alleges that Defendants 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; and (4) Twitter’s active refusal to address security issues increased the risk of loss of public goodwill.
On August 23, 2022, before market hours, CNN published an article entitled “Ex-Twitter exec blows the whistle, alleging reckless and negligent cybersecurity policies”. The article stated that “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.”
The article further reported that “[t]he disclosure, sent last month 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. It also alleges that some of the company’s senior-most 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, the Company’s shares fell $3.15, or over 7%, to close at $39.86 per share on August 23, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than November 14, 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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