Cases / Investigations

Twitter, Inc.


Twitter Inc. Lead Plaintiff Deadline Alert:  Wolf Popper LLP Reminds Twitter Investors of June 13, 2022 Deadline to Seek Appointment as Lead Plaintiff in Class Action

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. 

Wolf Popper has successfully recovered billions of dollars for defrauded investors.  Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation.  For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.

Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.

Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: jruthizer@wolfpopper.com

Wolf Popper LLP Announces Investigation into Potential Securities Fraud By Elon Musk on Behalf of Sellers of Twitter, Inc. Common Stock

NEW YORK, April 14, 2022:  Wolf Popper LLP is investigating potential securities fraud claims against Elon Musk on behalf of sellers of Twitter, Inc. common stock (NYSE: TWTR) related to whether Mr. Musk violated U.S. Securities and Exchange Commission (SEC) regulations by failing to disclose that he had acquired a 5% ownership stake in Twitter. 

According to Mr. Musk’s SEC filings, he appears to have acquired a 5% ownership stake in Twitter on March 14, 2022.  SEC regulations require investors to make a filing with the SEC within 10 days of passing the 5% ownership threshold.  Mr. Musk, however, did not make an SEC ownership filing until April 4, 2022, 12 days after the March 24, 2022 SEC reporting deadline.

After Mr. Musk finally disclosed his 9.2% ownership stake in Twitter on April 4, 2022, the price of Twitter common stock rose $10.66 per share, allegedly causing damages to Twitter investors who sold their Twitter shares between March 24, 2022 and April 4, 2022 at artificially depressed prices. 

Mr. Musk’s SEC filings also indicate that he purchased 13.1 million shares of Twitter common stock between March 24, 2022 and April 4, 2022.  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 4, 2022, and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or jruthizer@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors.  Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation.  For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.

Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.

Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: jruthizer@wolfpopper.com


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