Case Updates
Plaintiffs Reach $809.5 Million Settlement to Resolve Twitter Securities Class Action
Plaintiffs have reached a $809.5 million preliminary settlement with Twitter, Inc. in a securities fraud class action. Plaintiffs are represented by co-lead counsel Robbins Geller and Motley Rice LLC, with Bleichmar Fonti & Auld LLP serving as Liaison Counsel.
The settlement would resolve Plaintiffs’ claims over allegations that the social media company misrepresented its daily user engagement figures, causing its stock to trade at artificially inflated levels. Plaintiffs alleged that when the truth was revealed, the price of Twitter’s stock dropped significantly. No party has admitted wrongdoing or liability as part of this settlement.
The settlement remains subject to the approval of U.S. District Court Judge Jon S. Tigar, who presides over the case. If approved, the settlement would be the largest securities fraud class action recovery in the last 20 years in the Ninth Circuit and the second-largest ever in that Circuit.
The settlement would resolve Plaintiffs’ claims over allegations that the social media company misrepresented its daily user engagement figures, causing its stock to trade at artificially inflated levels. Plaintiffs alleged that when the truth was revealed, the price of Twitter’s stock dropped significantly. No party has admitted wrongdoing or liability as part of this settlement.
The settlement remains subject to the approval of U.S. District Court Judge Jon S. Tigar, who presides over the case. If approved, the settlement would be the largest securities fraud class action recovery in the last 20 years in the Ninth Circuit and the second-largest ever in that Circuit.