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Levi & Korsinsky, LLP announces the commencement of a class action lawsuit in the USDC for the Northern District of California on behalf of shareholders of Twitter, Inc. (NYSE: TWTR) who purchased shares between February 6, 2015 and July 28, 2015.
The complaint alleges that throughout the Class Period defendants concealed adverse facts they knew or deliberately disregarded, including: (a) that by early 2015, daily active users (“DAUs”) had replaced the timeline views metric as the primary user engagement metric tracked internally by Twitter management; (b) that the trend in user engagement growth was flat or declining; (c) that new product initiatives were not having a meaningful impact on Monthly Active Users (“MAUs”) or user engagement; (d) that Twitter’s stated “acceleration [in MAU growth]” was the result of low-quality MAU growth, and (e) that defendants lacked a basis for their previously issued projections of approximately 20% MAU growth and 550 million MAUs in the immediate term. As a result of defendants’ false statements and/or omissions, Twitter stock traded at artificially inflated prices during the Class Period, reaching a high of $52.87 per share.
If you suffered a loss in Twitter you have until November 15, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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