https://safirsoft.com Twitter files $809 million settlement to end stock exchange lawsuit

Twitter submitted a settlement proposal to the Federal Court to close a lawsuit alleging misleading investors in 2014. The settlement amount is only $1 billion, and Twitter has to pay "cash in hand." The Company states that this Agreement does not constitute an admission of breach.

On Monday, Twitter announced in a press release that it will settle its 2016 class action lawsuit for $809.6 million. The lawsuit alleges that the company misled investors in 2014 about its growth and number of monthly users (MAUs) in violation of Sections 10(b) and 20(a) of the Securities Act of 1934.

The complaint alleges that Twitter provided a growth forecast "Unrealistic" for "Analyst Day" in 2014. The company claims that it is expected to double the number of MAUs by 550 million by 2018, and revenue will increase to $4.6 billion at the same time. Twitter then went to 'chance' with investors by changing the MAU criteria and introducing growth figures by 'weak growth' criteria.

https://safirsoft.com Twitter $809M settlement to end stock market lawsuit

In particular, Twitter has stopped using its "timeline display". Viewing the timeline made it easier for investors to track MAU's growth. In 2016, Vanity Fair said the company had also begun calculating users by sending automated emails to inactive, long-term accounts to register them so they could account for their MAU criteria.

Twitter denies any wrongdoing. But he wants to solve the case out of court. The proposed settlement of $800 million will be recorded in financial statements for the third quarter of 2021, and payments will be made using "cash on hand" in the fourth quarter. However, the proposal has not yet been approved by the US District Court of Northern California.

Twitter files $809 million settlement to end stock exchange lawsuit
twitter-files-809-million-settlement-to-end-stock-exchange.html

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