| COMPANY |
Twitter, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
16-cv-05314 |
| JUDGE |
The Hon. Jon Steven Tigar |
| CLASS PERIOD |
February 6, 2015 - July 28, 2015 |
| SECURITY TYPE |
Common Stock |
Case Background:
On September 16, 2016, the initial complaint in this securities class action was filed against Twitter, Inc. (“Twitter” or the “Company”), and certain of Twitter’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all purchasers of Twitter common stock between February 6, 2015 through July 28, 2015, both dates inclusive (the “Class Period”).
The complaint alleges that during the Class Period, Defendants issued materially false and misleading statements and/or omitted adverse information about the Company's business and prospects. Specifically, the complaint alleges Defendants concealed adverse facts they knew or deliberately disregarded, including that by early 2015, daily active users ("DAUs") had replaced the timeline views metric as the primary user engagement metric tracked internally by Twitter management and that the trend in user engagement growth (i.e., DAUs) was flat or declining. In addition, Defendants concealed that new product initiatives were not having a meaningful impact on MAUs or user engagement, that Twitter's stated "acceleration [in MAU growth]" was the result of low-quality MAU growth, and that defendants lacked a basis for their previously issued projections of approximately 20% MAU growth and 550 million MAUs in the immediate term. As a result of Defendants' false statements and/or omissions, Twitter stock traded at artificially inflated prices during the Class Period, reaching a high of $52.87 per share.
Current Status of Case:
On February 15, 2018, Lead Plaintiff filed a Motion for Class Certification. On July 17, 2018, the Court issued an Order granting the Motion for Class Certification. On January 7, 2022, Lead Plaintiff filed a Notice of Unopposed Motion for Preliminary Approval of Settlement. On August 5, 2022, the Court issued an Order Preliminarily Approving Settlement and scheduled a Final Settlement Hearing for November 17, 2022. On November 21, 2022, the Court approved the Settlement of this action. This action has concluded.
The deadline to file a claim is November 23, 2022. You may find additional information regarding the terms of the settlement and claim filing process at www.twittersecuritieslitigation.com or by calling the claims administrator, Epic Global, Inc., at 1-888-510-9590.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.