NEW YORK, October 26, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors from Twitter, Inc. (“Twitter” or the “Company”) TWTR. Such investors are advised to get in touch 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 April 25, 2022Twitter announced that it had agreed to a sale Elon Musk to the $54.20 per share or about $44 billion (the “Buyout”).
Then next May 13, 2022, Elon Musk issued misleading tweets claiming that the buyout was “temporarily suspended.” On May 17, 2022, Musk issued another tweet declaring that the buyout “cannot go ahead” until Twitter showed him evidence of the number of “fake accounts” on his platform. After that between July 8, 2022 and September 9, 2022Musk issued three separate notices purporting to end the buyout.
Then next October 4, 2022less than two weeks before Musk was due to go to court Delaware Musk issued a statement on the merger, stating that he would proceed with the purchase of Twitter at the original purchase price $54.20 per share. Following Musk’s announcement, Twitter stock rose 22% in one day. However, Twitter shareholders — who sold their Twitter stock based on Musk’s statements purporting to end the buyout — were hurt by selling Twitter stock at prices artificially depressed by Musk’s behavior.
Pomerantz LLP, with offices in new York, Chicago, los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Chamber, Pomerantz pioneered securities class actions. Today, more than 85 years later, Pomerantz continues the…
