Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) in the United States District Court for the Southern District of New York on behalf of all persons and entities who sold or otherwise relinquished Twitter securities between March 24, 2022 and April 1, 2022, both dates inclusive (the “Class Period”). Investors have until June 13, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Elon Musk, the founder of Tesla and Space-X, and according to Forbes, the richest person in the world, started to acquire shares of Twitter beginning in January 2022. By March 14, 2022, Musk had acquired more than a 5% ownership stake in Twitter, requiring him to file a Schedule 13 with the United States Securities and Exchange Commission (“SEC”) within 10 days, 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. By the time Musk filed the required Schedule 13, revealing his ownership stake in Twitter, the Company’s share rose from a closing price of $39.31 per share on April 1, 2022, to close at $49.97 per share on April 4, 2022 – an increase of approximately 27%.
Investors who sold shares of Twitter Stock between March 24, 2022, and before the actual April 4, 2022 disclosure, missed the resulting share price increase as the market reacted to Musk’s purchases. By failing to timely disclose his ownership stake, Musk was able to acquire shares of Twitter less expensively during the Class Period.
If you sold or otherwise relinquished Twitter shares and failed to fully realize these shares’ value, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.