SAN FRANCISCO, CA / ACCESSWIRE / June 12, 2022 / Hagens Berman urges Twitter, Inc. (NYSE:TWTR) investors who sold shares while Elon Musk secretly built a large position in Twitter to submit your transactions now.
Relevant Selling Period: Mar. 24, 2022 - Apr. 1, 2022
Lead Plaintiff Deadline: June 13, 2022
Visit: www.hbsslaw.com/investor-fraud/TWTR
Contact An Attorney Now: [email protected]
844-916-0895
Twitter, Inc. (TWTR) Securities Fraud Class Action:
The lawsuit is brought on behalf of investors who sold Twitter securities between Mar. 24, 2022, and Apr. 1, 2022, inclusive.
Specifically, the complaint alleges that Musk began acquiring Twitter shares in Jan. 2022, and by Mar. 14, 2022 Musk had acquired over 5% of Twitter's outstanding shares - requiring Musk to disclose his stake in Twitter by Mar. 24, 2022. Musk, however, did not disclose his stake but secretly built it to a 9.1% stake.
On Apr. 4, 2022 Musk belatedly disclosed that he acquired over 73 million Twitter shares, or about 9.1% of the Company. He further claimed his purchases were for investment purposes only and that he agreed with Twitter's board of directors that he would not acquire a total stake in the Company's shares exceeding 14.9%.
But, on Apr. 14, 2022 Musk announced he proposed acquiring all the outstanding Twitter shares for $54.20 per share, a proposal Twitter agreed to on Apr. 25, 2022.
Most recently, on May 27, 2022, the SEC published a letter it sent to Musk on Apr. 4, 2022. The SEC demanded an explanation for Musk's belated ownership disclosure and questioned his stated investment purpose.
"Musk has been accused of manipulating a company's share price before, and in this case, we're focused on selling investors' lost profits and proving Musk intentionally concealed his transactions and lied about his intentions," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Twitter and sold shares while Musk secretly built his stake in the Company, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Musk should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein
844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP