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Twitter, Inc. (NYSE: TWTR) Investor Securities Class Action Lawsuit 10/31/2019

  • If you purchased shares of Twitter, Inc. (NYSE: TWTR), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Twitter Inc
Security
NYSE: TWTR

Case Name
Twitter Shareholder Class Action Lawsuit 10/31/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

December 10, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

June 12, 2020 - A motion to dismiss the consolidated complaint was filed.

April 13, 2020 - A consolidated complaint was filed.

October 29, 2019 - An investor in shares of Twitter, Inc. (NYSE: TWTR) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Twitter, Inc. in connection with certain allegedly false and misleading statements made between August 6, 2019 through October 23, 2019.

San Francisco, CA based Twitter, Inc. operates as a platform for public self-expression and conversation in real time.

On October 24, 2019, before the market opened, Twitter, Inc. disclosed its financial results for the quarter ended September 30, 2019 and conducted a conference call with investors. During the conference call, the CEO of Twitter, Inc., disclosed that Twitter had some missteps and bugs in our map ads . . . We discovered and took steps to remediate bugs that largely affected our legacy map product. These bugs affected our ability to target ads and share data with measurement and partners. We also discovered that certain personalization and data sightings were not operating as expected.

Shares of Twitter, Inc. (NYSE: TWTR) declined from $40.70 per share on October 11, 2019 to as low as $28.84per share on October 31, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Twitter, Inc. (NYSE: TWTR) common shares between August 6, 2019 and October 23, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that on August 6, 2019, Twitter, Inc publicly disclosed through a tweet that it recently found issues where certain user settings choices designed to target advertising were not working as intended. Twitter, Inc represented that We recently discovered and fixed issues related to your settings choices for the way we deliver personalized ads, and when we share certain data with trusted measurement and advertising partners. (Emphasis added). However, the plaintiff alleges that unknown to investors, while Twitter, Inc represented that it fixed certain issues relating to user choice settings, Defendants failed to disclose that the changes implemented to fix these issues adversely affected Twitter's ability to target advertising, including the targeting of advertising through its Mobile App Promotion ( MAP ) product, which caused a material decline in advertising revenue.