NEW YORK, April 19, 2022: Wolf Popper LLP reminds investors who sold Twitter, Inc. common stock (NYSE: TWTR) between March 24, 2022 and April 1, 2022 (Class Period) that they have until
June 13, 2022 to seek appointment as lead plaintiff in the securities class action lawsuit against Elon Musk pending in the U.S. District Court for the Southern District of New York.
The class action alleges that Mr. Musk acquired a 5% ownership stake in Twitter on March 14, 2022, and violated U.S. Securities and Exchange Commission (SEC) regulations by failing to disclose that stake within ten days, or on or before March 24, 2022. After Mr. Musk finally disclosed his 9.2% ownership stake in Twitter on April 4, 2022, 12 days after the reporting deadline, the price of Twitter common stock rose $10.66 per share.
The class action alleges that Twitter investors who sold their Twitter shares between March 24, 2022 and April 1, 2022 suffered damages by selling their shares at artificially depressed prices. Wolf Popper Partner Joshua Ruthizer commented that “By waiting to disclose his Twitter common stock purchases and ownership stake, Elon Musk appears to have saved himself more than $142 million, money that came out of the pockets of investors who sold their shares to Mr. Musk.”
Investors who sold at least $50,000 of Twitter shares between March 24, 2022, and April 1, 2022, and who would like to discuss the lawsuit are encouraged to contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or
jruthizer@wolfpopper.com.
The Private Securities Litigation Reform Act of 1995 permits any investor who sold Twitter common stock during the Class Period to ask the court to be appointed as lead plaintiff in the Twitter sellers class action litigation no later than
June 13, 2022. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit, and can select a law firm of its choice to litigate the class action lawsuit. A court will generally appoint as lead plaintiff the movant with the greatest financial interest in the relief sought by the proposed class of investors and that is also typical and adequate of the proposed class. An investor’s ability to share in any potential future recovery obtained in the litigation is not dependent upon serving as lead plaintiff.