Following the entry of a class certification order by U.S. District Court Judge Jon S. Tigar in 2018 in In re Twitter Inc. Securities Litigation, a Notice of Pendency of Class Action currently is being disseminated to potential class members. Additionally, a Summary Notice explaining the class certification order was published in the Wall Street Journal and transmitted over the PR Newswire on April 16.
The Class, as certified by the Court, consists of the following people and entities (subject to certain exclusions):
All persons and entities that, during the period from February 6, 2015, through July 28, 2015, inclusive (the “Class Period”), purchased or otherwise acquired shares of the publicly traded common stock of Twitter, Inc., and were damaged thereby.
Motley Rice is co-class counsel in the case, in which the co-class representatives, KBC Asset Management NV and National Elevator Industry Pension Fund, allege that defendants knowingly concealed and made false statements about the company’s key operating metrics during the Class Period, allegedly in violation of the federal securities laws. The complaint alleges that the omissions and false and misleading statements artificially inflated the price of Twitter’s common stock and that, when Defendants disclosed the true facts, Twitter’s stock price dropped precipitously.
Corporate misconduct alleged against Twitter
Twitter executives announced toward the end of 2014 that they predicted the company’s number of active users would grow to more than half a billion in the intermediate term, and would reach heights of more than a billion long term. When the public, however, later learned that actual user growth was slower than anticipated, the company’s price per share drastically declined.
The parties are currently engaged in fact discovery. The fact discovery deadline is May 3, 2019. The parties must file motions for summary judgment by Sept. 13, 2019 and a trial currently is scheduled for March 30, 2020.
Read the complaint.
Any class members who wish to exclude themselves from the certified class can do so by sending a written request to the following address: In re Twitter, Inc. Securities Litigation, Administrator, P.O. Box 6389, Portland, OR 97228-6389. A request for exclusion must include the following information:
the name, address, and telephone number of the person or entity requesting exclusion;
the number and prices of Twitter common shares purchased and sold during the Class Period and the dates of such purchases and sales; and
the signature of the person or entity requesting exclusion or his/her/its authorized representative.
If a person or entity wishes to remain a member of the class, they need not need to do anything at this time other than to retain documentation of their transactions in Twitter common stock.
For more information, visit https://www.twittersecuritieslitigation.com/, or call 1 (888) 510-9590.
When left unchecked, corporations at times engage in questionable, or even illegal, activities in order to manipulate financial markets for their own gain. Doing so, however, comes at great risk to shareholders who often suffer significant losses when alleged misconduct is brought to light. Motley Rice has experience representing investors impacted by fraud and misconduct, including recovering $140 million for Barrick Gold shareholders who allege they were misled about the gold mining company’s adherence to environmental regulations regarding its Pascua-Lama mine located along the border of Chile and Argentina. The firm works with many investors, pension fund trustees and unions against companies whose misrepresentation or misconduct has affected their investments. *Prior results do not guarantee a similar outcome.
The case is In re Twitter Inc. Securities Litigation, No. 3:16-cv-05314, in U.S. District Court for the Northern District of California.