Settlement of In re Twitter Inc. Securities Litigation
No. 4:16-cv-05314-JST (SK)
On November 21, 2022, Judge Jon S. Tigar approved a settlement of this action. The settlement provides for the payment of $809,500,000 for the benefit of eligible Class Members. Class Representatives KBC Asset Management NV and National Elevator Industry Pension Fund alleged Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding Twitter, Inc.’s (“Twitter” or the “Company”) business and operations, which caused the price of the Company’s common stock to trade at artificially inflated prices. As alleged in the action, when the market learned of the false and misleading statements, the Company’s share price declined significantly causing damages to investors who purchased stock during the February 6, 2015, through July 28, 2015 Class Period.
The Class consists of all persons and entities that, during the period from February 6, 2015, through July 28, 2015, inclusive, purchased or otherwise acquired shares of the publicly traded common stock of Twitter and were damaged thereby. Excluded from the Class are: (i) Defendants; (ii) members of the Individual Defendants’ immediate families; (iii) Twitter’s subsidiaries and affiliates; (iv) any person who is or was an officer or director of Twitter during the Class Period; (v) any entity in which any Defendant has a controlling interest; and (vi) the legal representatives, heirs, successors and assigns of any such excluded person. Also excluded from the Class is any Person who validly and timely excluded himself, herself, or itself therefrom in response to the Notice of Pendency of Class Action.
The deadline to submit a claim form in the litigation was November 23, 2022.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.