SAN DIEGO, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Bottini & Bottini, Inc., a law firm specializing in securities litigation, has filed a class action lawsuit on behalf of all persons who sold the common stock and securities of TWITTER, Inc. (NYSE: “TWTR”) at any time between May 13, 2022 and October 4, 2022, inclusive (the “Class Period”). The lawsuit—pending in the United States District Court for the Northern District of California—seeks to recover damages under the federal securities laws for those who sold Twitter securities during the Class Period.
Investors who have sold Twitter stock or other Twitter securities at any time between May 13, 2022 and October 4, 2022 and incurred losses are urged to contact the firm immediately at fab@bottinilaw.com or (858) 914-2001. Bottini & Bottini is representing clients on a contingency fee basis. You may obtain additional information concerning the action on our website, www.bottinilaw.com.
If you SOLD shares or other securities of TWITTER, Inc. and would like to assist with the case as a lead plaintiff, you must, no later than December 12, 2022, request that the Court appoint you as lead plaintiff of the proposed class.
The lawsuit charges that Defendant Elon Musk violated Section 10(b) of the Securities Exchange Act of 1934 by issuing false statements about his purchase of Twitter, Inc., including termination notices that falsely claimed that Twitter had breached terms of the merger agreement and that a Material Adverse Event (“MAE”) had occurred. On May 13, 2022, Musk tweeted that the merger was “temporarily on hold.” On May 17, 2022, Musk stated that the merger “cannot go forward” and claimed that almost 20% of Twitter accounts were fake. Musk thereafter issued three separate notices terminating the merger between July 8, 2022 and September 9, 2022 which falsely claimed that Twitter had breached terms of the merger agreement by not giving him documents about spam.
The complaint alleges that Musk’s statements were false because Musk was not entitled to due diligence and had in fact waived due diligence; Musk was well aware of the problem of bots and spam on Twitter, and there were no legally justifiable reasons for Musk to terminate the Merger.
On October 4, 2022, less than two weeks before he was set to go to trial in Delaware over the merger, Musk stated he would proceed with the Twitter buyout at the original $54.20 price, abandoning his prior positions and capitulating to Twitter. The announcement shocked the stock market and caused Twitter’s stock price to increase by 22%. Twitter stock and bondholders who sold their Twitter securities earlier in the year based on Musk’s false statements were damaged by selling at prices artificially depressed by Musk’s false statements.
If you wish to join the litigation or discuss your interests in this lawsuit, contact Frank A. Bottini of Bottini & Bottini, Inc. at (858) 914-2001 or fab@bottinilaw.com.
Contact:
Bottini & Bottini, Inc.
Frank A. Bottini, Esq.
Email: fab@bottinilaw.com
Tel: (858) 914-2001
SOURCE: Bottini & Bottini, Inc.
