LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has initiated an investigation on behalf of Twitter, Inc. ( “Twitter” or the “Company”) (NYSE: TWTR) investors regarding the Company’s possible violations of federal securities laws.
If you have suffered a loss on your Twitter investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/ cases/twitter-inc-1/. You may also contact Charles H. Linehan, of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to find out more about your rights.
On April 28, 2022, Twitter announced its first quarter 2022 financial results in a press release, in which the company “believes[d] that the average fake or spam accounts in the first quarter of 2022 accounted for less than 5% of Twitter’s monetizable daily active users. However, the company said that estimate was subject to “significant judgment”.
On May 13, 2022, Elon Musk tweeted that his $44 billion bid to buy Twitter was “temporarily on hold pending details supporting the calculation that spam/fake accounts indeed represent less than 5% of users” .
On this news, Twitter stock fell $4.35, or 9.7%, to close at $40.72 per share on May 13, 2022, hurting investors.
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Notice of denunciation: People with nonpublic information about Twitter should consider their options to help the investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information can receive rewards of up to 30% of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected]
Glancy Prongay & Murray LLP is a leading law firm representing investors and consumers in securities litigation and other complex class actions. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 report. In 2018, GPM was ranked among the top five law firms for the number of securities class action settlements and among the top six law firms for the full amount of the settlements. With four offices across the country, nearly 40 GPM attorneys have won groundbreaking decisions and recovered billions of dollars for investors and consumers in securities, antitrust, consumer and employment class action lawsuits. GPM attorneys have handled cases covering a wide range of corporate misconduct, including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings advice and forward-looking statements, audit misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities matters involving nearly every industry and sector of the capital markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financials, insurance, information technology, healthcare, biotechnology, cryptocurrency, medical devices. , and much more. GPM’s past successes have been widely covered by major industry news and publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reutersthe Associated Press, Barrons, Investor’s Business Daily, Forbesand Money.
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