NEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Twitter, Inc. (“Twitter” or the "Company”) (NYSE: TWTR) based on recent allegations of a whistleblower as reported by CNN and The Washington Post.
If you purchased or otherwise acquired Twitter securities between August 3, 2020 and August 23, 2022, inclusive (the “Class Period”) and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than November 14, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On August 23, 2022, CNN published an article entitled "Ex-Twitter exec blows the whistle, alleging reckless and negligent cybersecurity policies.” According to the CNN article, the whistleblower alleges that "Twitter has major security problems that pose a threat to its own users' personal information, to company shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post." The CNN article also states that the disclosure was "sent last month to a number of US government agencies and congressional committees, including the Securities and Exchange Commission, the Federal Trade Commission and the Department of Justice." The whistleblower reportedly is "Peiter 'Mudge' Zatko, who was previously the company's head of security, reporting directly to the CEO."
The August 23, 2022 CNN article also states that "[w]hat Zatko says he found was a company with extraordinarily poor security practices, including giving thousands of the company's employees -- amounting to roughly half the company's workforce -- access to some of the platform's critical controls” and that Zatko alleges “the company's senior-most executives have been trying to cover up Twitter's serious vulnerabilities, and that one or more current employees may be working for a foreign intelligence service.” Additionally, the CNN article states that “[t]he whistleblower also says Twitter executives don’t have the resources to fully understand the true number of bots on the platform. . . .”
Following this news, the price of Twitter shares fell $3.15 per share, or 7.3%, to close at $39.86 per share on August 23, 2022.
A complaint has been filed alleging, among other things, that during the Class Period the Defendants - Twitter, Twitter’s co-founder Jack Dorsey who was the CEO during part of the Class Period, Twitter’s CEO Parag Agrawal, and Twitter’s CFO Ned Segal – made false and misleading statements that failed to disclose that Twitter knew about security problems on its platform and actively worked to hide the security concerns from the board, the investing public, and regulators.
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If you have any questions about this investigation, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
