SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors Twitter, Inc. - TWTR
NEW YORK, Oct. 26, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Twitter and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 25, 2022, Twitter announced that it had agreed to sell itself to Elon Musk for $54.20 per share, or approximately $44 billion (the "Buyout").
Then, On May 13, 2022, Elon Musk issued misleading tweets claiming that the Buyout was "temporarily on hold." On May 17, 2022, Musk issued another tweet stating that the Buyout "cannot go forward" until Twitter showed him proof of the number of "fake accounts" on its platform. Thereafter, between July 8, 2022 and September 9, 2022, Musk issued three separate notices purporting to terminate the Buyout.
Then, on October 4, 2022, less than two weeks before Musk was set to go to trial in Delaware over the merger, Musk issued a statement indicating he would proceed with the purchase of Twitter at the original purchase price of $54.20 per share. Following Musk's announcement, the price of Twitter stock increased by 22% in one day. However, Twitter stockholders—who sold their Twitter stock based on Musk's statements purporting to terminate the Buyout—were damaged by selling Twitter stock at prices artificially depressed by Musk's conduct.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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