![]() ![]() Pursuant to Section 13(d) of the Exchange Act and SEC Rule 13d-1 promulgated thereunder, 17 C.F.R. By March 14, 2022, Musk had acquired more than a 5% ownership stake in Twitter. 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.Įlon Musk (“Musk”) is the founder of Tesla and SpaceX, and according to Forbes, is the richest person in the world.īeginning in January 2022, Musk started to acquire shares of Twitter. (“Twitter” or the “Company”) (NYSE: TWTR) between Maand April 1, 2022, inclusive (the “Class Period”). ![]() NEW YORK, J(GLOBE NEWSWIRE) - Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who sold or otherwise disposed of the securities of Twitter, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or to discuss your rights. Cal.Did you sell or otherwise dispose of securities of Twitter between Maand April 1, 2022? If so, please visit Twitter, Inc. Forensic Accountant Terry Koelbl also assisted in the prosecution of the case.įor more information, please email us at or call us at (619) 338-3821. ![]() Marco Janoski Gray, Heather Schlesier, and Christopher Kinnon also litigated the case, along with co-counsel, Lance Oliver from Motley Rice. In addition to Daniel and Tor, Robbins Geller attorneys Luke Olts, J. The Firm has secured many of the nation’s largest investor fraud settlements, including the recent $1.2 billion recovery against Valeant Pharmaceuticals International, Inc., and $1 billion recovery in American Realty Capital Properties, Inc., which also resolved on the eve of trial. Robbins Geller has tried several securities cases to a jury verdict in recent years, including a plaintiff's verdict after a six-week trial against Household International, Inc., which resulted in more than $1.5 billion recovered for investors. ![]() It levels the playing field and sets the stage for accountability,” said Tor Gronborg, a partner at Robbins Geller who serves as a lead attorney on the trial team. “The jury trial is a great equalizer, even for some of the most powerful entities on the planet. Court of Appeals recently overturned the company’s request to dismiss the case. In the past year, Robbins Geller has secured over $1.5 billion for consumers and investors in cases involving large technology companies, including the largest privacy class action settlement against Facebook ($650 million), arising out of allegations that the use of the social network’s facial recognition technology to extract and store users’ biometric identifiers was without the consent required by Illinois privacy laws.Īdditionally, Robbins Geller is currently prosecuting a shareholder challenge against Tesla founder Elon Musk regarding Tesla’s acquisition of SolarCity, and a securities class action against Google’s parent company Alphabet, Inc., where the Ninth Circuit U.S. “The bottom line is whether you have a track record of trying complex securities fraud trials or not – that’s what enabled us to maximize the recovery for our clients and the class here,” said Daniel Drosman, who serves as lead counsel for Robbins Geller. Plaintiffs KBC Asset Management NV and National Elevator Industry Pension Fund brought this action to recover their investment losses and losses for the class of shareholders who purchased Twitter’s stock between Februand July 28, 2015. No party has admitted wrongdoing or liability as part of this settlement. The suit alleged that, when the truth was revealed, Twitter’s stock price dropped by 20%. The case involved allegations that Twitter committed securities fraud by concealing stagnant user growth and declining user engagement from investors, causing its stock to trade at artificially inflated levels. District Court for the Northern District of California, is presiding over the case. Tigar, United States District Judge, of the U.S. If approved by the court, the proposed settlement would represent the largest securities fraud class action recovery in the last 20 years in the Ninth Circuit and the second-largest ever in that Circuit. The proposed settlement remains subject to court approval. Plaintiffs National Elevator Industry Pension Fund, represented by Robbins Geller, and KBC Asset Management NV, represented by co-lead counsel, Motley Rice LLC, led the class action case. On the eve of a federal jury trial in Oakland, Robbins Geller Rudman & Dowd LLP and co-counsel obtained a record-breaking $809,500,000 settlement against Twitter, Inc. ![]()
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