SAN DIEGO, May 28, 2022 (GLOBE NEWSWIRE) --
Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of stock sellers of Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR). The class action is on behalf of shareholders who sold Twitter securities between March 24, 2022 and April 1, 2022, inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than June 13, 2022.
What actions may I take at this time? If you sold Twitter stock between March 24, 2022 and April 1, 2022 and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below in a browser:
https://www.johnsonfistel.com/investigations/twitter-inc-elon-musk-sec-disclosure
There is no cost or obligation to you.
Elon Musk began acquiring Twitter shares in Jan. 2022, and by Mar. 14, 2022, Musk had acquired over 5% of Twitter’s outstanding shares – requiring Musk to disclose his stake in Twitter by Mar. 24, 2022. Musk, however, did not disclose his stake but secretly built it to a 9.1% stake. Twitter shares rose from a closing price of $38.82 per share on March 24, 2022, to close at $49.97 per share on April 4, 2022.
Investors who sold shares of Twitter between March 24, 2022 and April 4, 2022 missed the resulting share price increase as the market reacted to Musk's purchases. By failing to timely disclose his ownership stake, Musk was able to acquire shares of Twitter less expensively during the Class Period.
A lead plaintiff will act on behalf of all other class members in directing the Twitter class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Twitter class action lawsuit is not dependent upon serving as lead plaintiff. For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
