SHAREHOLDER ALERT: Robbins LLP Announces That a Securities Class Action Has Been Filed Against Elon Musk on Behalf of Twitter, Inc. (TWTR) Investors
SAN DIEGO–(BUSINESS WIRE)–$TWTR #classaction—The Class: Shareholder rights law firm Robbins LLP informs investors that a shareholder filed a class action on behalf of all investors who sold or otherwise disposed of Twitter, Inc. (NASDAQ: TWTR) securities between March 24, 2022 and April 1, 2022.
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What is this Case About: Elon Musk Harmed Twitter (TWTR) Investors by Failing to Disclose His Purchase of Twitter Shares
According to the complaint, beginning in January 2022, Elon Musk started to acquire shares of Twitter. By March 14, 2022, Musk had acquired more than a 5% ownership stake in the Company. Pursuant to Section 13(d) of the Exchange Act and SEC Rule 13d-1 promulgated thereunder, 17 C.F.R. § 240.13d-1(a), Musk was required to file a Schedule 13 with the SEC within 10 days of passing the 5% ownership threshold in Twitter, or March 24, 2022. Musk did not file a Schedule 13 with the SEC within the required time and instead continued to amass Twitter shares, eventually acquiring a 9.1% stake in the Company before finally filing a Schedule 13 on April 4, 2022.
When Musk finally filed the required Schedule 13, thereby revealing his ownership stake in Twitter, the Company’s shares rose from a closing price of $39.31 per share on April 1, 2022, to close at $49.97 per share on April 4, 2022 – an increase of approximately 27%. Investors who sold shares of Twitter stock between March 24, 2022, when Musk was required to have disclosed his Twitter ownership, and before the actual April 4, 2022 disclosure, missed the resulting share price increase as the market reacted to Musk’s purchases and were damaged thereby.
Next Steps: If you sold shares of Twitter, Inc. between March 24, 2022 and April 1, 2022, you have until June 13, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Twitter, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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