TWITTER, INC. (NYSE: TWTR) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed On Behalf of Twitter Investors Against Elon Musk
Did you sell or otherwise dispose of securities of Twitter between March 24, 2022 and April 1, 2022? If so, please visit Twitter, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, April 13, 2022 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who sold or otherwise disposed of the securities of Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR) between March 24, 2022 and April 1, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
Elon Musk ("Musk") is the founder of Tesla and SpaceX, and according to Forbes, is the richest person in the world.
Beginning in January 2022, Musk started to acquire shares of Twitter. By March 14, 2022, Musk had acquired more than a 5% ownership stake in Twitter.
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 Friday, April 1, 2022, to close at $49.97 per share on April 4, 2022 – an increase of approximately 27%.
Investors who sold securities of Twitter stock between March 24, 2022, when Musk was required to have disclosed his Twitter ownership, and before the Monday, April 4, 2022 disclosure, missed the resulting price increase as the market reacted to Musk's purchases and were damaged thereby.
By failing to disclose his ownership stake via Schedule 13, Musk was able to acquire shares of Twitter less expensively during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than June 13, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you sold or otherwise disposed of TWTR securities, and/or would like to discuss your legal rights and options please visit Twitter, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]
SOURCE Bernstein Liebhard LLP
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