Twitter, Inc. Class Action Lawsuit - TWTR

41 days left to seek lead plaintiff status

Case Summary

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The Twitter class action lawsuit seeks to represent purchasers or acquirers of Twitter, Inc. (NYSE: TWTR) publicly traded securities between August 3, 2020 and August 23, 2022, inclusive (the “Class Period”).  The Twitter class action lawsuit – captioned Baker v. Twitter, Inc., No. 22-cv-06525 (C.D. Cal.) – charges Twitter and certain of its top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Twitter class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Twitter class action lawsuit must be filed with the court no later than November 14, 2022.

CASE ALLEGATIONS:  In 2010, the Federal Trade Commission (“FTC”) filed a complaint against Twitter for mishandling users’ private information and the issue of too many employees having access to Twitter’s central controls.  On March 11, 2011, the FTC agreed to a settlement with Twitter and, 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.”

However, as the Twitter class action lawsuit alleges, defendants failed to disclose that: (i) Twitter knew about security concerns on their platform; (ii) Twitter actively worked to hide the security concerns from their Board of Directors, the investing public, and regulators; (iii) contrary to representations in U.S. Securities and Exchange Commission (“SEC”) filings, Twitter did not take steps to improve security; and (iv) Twitter’s active refusal to address security issues increased the risk of loss of public goodwill.

On August 23, 2022, CNN published an article titled “Ex-Twitter exec blows the whistle, alleging reckless and negligent cybersecurity policies,” reporting that “Twitter has major security problems that pose a threat to its own users’ personal information, to [Twitter] shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post.”  The article further revealed that “[t]he whistleblower, who has agreed to be publicly identified, is Peiter ‘Mudge’ Zatko, who was previously [Twitter’s] head of security, reporting directly to the CEO.”  Specifically, “Zatko further alleges that Twitter’s leadership has misled its own board and government regulators about its security vulnerabilities, including some that could allegedly open the door to foreign spying or manipulation, hacking and disinformation campaigns.”  On this news, Twitter’s stock price fell by approximately 7%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Twitter publicly traded securities during the Class Period to seek appointment as lead plaintiff.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Twitter class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Twitter class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Twitter class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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