NEW YORK, Oct. 14, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors from Twitter, Inc. (“Twitter” or the “Company”) TWTR. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether Twitter and certain of its officers and/or directors engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On 08/23/2022 the Washington Post published an article reporting that Twitter’s former security chief, Peiter Zatko, had filed a complaint with US regulators, including the US Securities and Exchange Commission, the Department of Justice and the Federal Trade Commission, alleging “blatant deficiencies” in the company’s defenses filed against hackers. In his complaint, Zatko said he had warned colleagues that some of Twitter’s servers were running outdated software and that executives had withheld information about breaches and a lack of protection of user data. The complaint further alleged that Twitter prioritized growth over reducing the number of spam accounts and offered executives up to $10 million in cash rewards tied to increasing the number of daily users. As a result of this news, Twitter’s share price fell sharply during intraday trading on August 23, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The law firm has filed numerous multimillion-dollar claims for damages related to…
