New York, New York--(Newsfile Corp. - May 9, 2022) - Pomerantz LLP is investigating claims on behalf of investors of Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Twitter and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 4, 2022, Elon Musk ("Musk") disclosed in a U.S. Securities and Exchange Commission ("SEC") filing that he owned 9.2% of Twitter stock. On this news, Twitter's stock price rose $10.66 per share, or 27.12%, to close at $49.97 per share on April 4, 2022.
Then, on April 5, 2022, in another SEC filing, Musk disclosed that he had purchased more than 5% of Twitter stock on March 14, 2022, which, per applicable SEC rules, should have been disclosed by March 24, 2022. The same April 5, 2022 filing also indicated that Musk had acquired approximately 13.1 million Twitter shares at an average price of $39.06 per share after March 24, 2022, and before Twitter's stock price rose to $49.97 per share on April 4, 2022, thereby potentially saving him millions of dollars at the expense of other investors that could have sold their Twitter stock at a higher price, had they been similarly and timely informed of Musk's large stake in the Company.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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