Motley Rice reaches $809.5 million settlement to resolve Twitter securities class action
Motley Rice LLC, one of the nation’s largest plaintiffs’ litigation firms, negotiated a settlement resolving litigation in the Northern District of California against Twitter, Inc. and two former senior executives. The preliminary settlement came the Friday before jury selection was scheduled to begin on Monday Sept. 20, 2021. The case would have been a rare event – a securities fraud class action jury trial. Shareholders alleged that the social media giant misrepresented its daily user growth in 2015 to inflate its stock price.
U.S. District Court Judge Jon S. Tigar oversees the case, and will decide whether to approve the settlement on a later date. Motley Rice was appointed Lead Counsel in the case in December 2016, and since that time its team of securities fraud attorneys, which included, William Narwold, Gregg Levin, Meghan Oliver, Max Gruetzmacher, and Lance Oliver, along with Co-Class Counsel at Robbins Geller Rudman & Dowd, have litigated the case on behalf of Twitter shareholders who purchased or otherwise acquired shares of its publicly traded common stock between Feb. 6, 2015 and July 28, 2015 (the Class Period). KBC Asset Management NV and National Elevator Industry Pension Fund are the named representatives for the class.
“We are pleased that we were able to resolve this case for our clients and the class of Twitter investors without having to undergo a full trial. However, we were confident that the jury would have agreed with our position,” said Motley Rice attorney Lance Oliver, who was to serve as lead trial counsel for the Motley Rice team. “This case would have been one of the largest securities fraud cases to go to trial in recent memory, and one of just two dozen to go to trial over the past 25 years. The preliminary resolution makes it one of the top twenty securities fraud class action settlements of all-time, as reported by Institutional Shareholder Services.”
About Motley Rice LLC
Motley Rice is one of the nation’s largest plaintiffs’ litigation firms. With a tradition of representing those whose rights have been violated, Motley Rice attorneys gained recognition for their pioneering asbestos lawsuits, their work with the State Attorneys General in the landmark litigation against Big Tobacco, and their representation of 9/11 families in the ongoing lawsuit against terrorist financiers. The firm continues to handle complex litigation in numerous areas, including securities fraud; antitrust; consumer protection; mesothelioma; environmental contamination; prescription and over-the-counter drugs; other medical devices; human rights; aviation disasters; and wrongful death. Motley Rice is headquartered in Mt. Pleasant, S.C., and has additional offices in Connecticut; Washington, D.C.; New Jersey; New York; Pennsylvania; Missouri; Rhode Island; and West Virginia. For more information, contact Motley Rice attorney Lance Oliver (AL, DC, FL, SC) at 1.800.768.4026 or visit www.motleyrice.com. Motley Rice LLC, a South Carolina Limited Liability Company, is engaged in the New Jersey practice of law through Motley Rice New Jersey LLC. Esther Berezofsky is the attorney responsible for New Jersey practice. Connect with us on Facebook, LinkedIn, Instagram, and Twitter.