SAN FRANCISCO, Sept. 14, 2022 (GLOBE NEWSWIRE) — Hagens Berman calls on Twitter, Inc. TWTR Investors who have suffered significant losses Submit your losses now.
school lesson: August 3, 2020 – August 23, 2022
Deadline for lead plaintiff: November 14, 2022
Visit: www.hbsslaw.com/investor-fraud/TWTR
Contact a lawyer now: TWTR@hbsslaw.com
844-916-0895
Twitter, Inc. TWTR Class action lawsuit alleging securities fraud:
The lawsuit centers on Twitter’s repeated claims of compliance with its March 2011 settlement with the Federal Trade Commission, which banned the company for 20 years from “misleading consumers about how it fails to protect security, privacy and confidentiality.” public information of consumers, including measures taken to prevent unauthorized access to non-public information and to respect the privacy choices made by consumers.
The complaint alleges: (1) Twitter was aware of security concerns on its platform; (2) Twitter has actively worked to hide the security concerns from the board, investors and regulators; (3) contrary to what Twitter claims in the SEC filings, it has not taken steps to improve security; and (4) Twitter’s active refusal to address security issues increased the risk of losing public goodwill.
Investors learned the truth on August 23, 2022, when CNN reported that in his July 2022 whistleblower complaint, Peiter “Mudge” Zatko, Twitter’s former chief of security, alleged “that Twitter’s leadership has misled its own board of directors and government regulators about its security vulnerabilities, including some allegedly open the door to foreign espionage or manipulation, hacking and disinformation campaigns.”
This news sent Twitter’s share price down over 7% on August 23, 2022, wiping out over $2 billion in shareholder value.
“Our focus is on investor losses and whether Twitter lied about its obligation to protect users’ non-public information,” said Reed Kathrein, who told Hagens…
