Shareholders with $100,000 losses or more are encouraged to contact the firm.
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) securities between August 3, 2020 and August 23, 2022, inclusive (the “Class Period”). Twitter investors have until November 14, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Twitter investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On August 23, 2022, CNN published an article alleging, among other things, that “Twitter has major security problems that pose a threat to its own users' personal information, to company shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post.” The article also stated that the whistleblower disclosure “also alleges that some of the company’s senior-most executives have been trying to cover up Twitter's serious vulnerabilities, and that one or more current employees may be working for a foreign intelligence service.”
On this news, Twitter’s stock fell $3.15, or 7.3%, to close at $39.86 per share on August 23, 2022, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Twitter knew about security concerns on their platform; (2) Twitter actively worked to hide the security concerns from the board, the investing public, and regulators; (3) contrary to representations in SEC filings, Twitter did not take steps to improve security; (4) Twitter’s active refusal to address security issues increased the risk of loss of public goodwill; and (5) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Twitter securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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