On or around 09/14/2022 (Date of last review)
Filing Date: September 13, 2022
According to the Complaint, Twitter purports to be a global social media platform for public self-expression and conversation in real time.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose material adverse facts about the Company's business operations and prospects. Specifically, the Complaint alleges that: (1) Twitter knew about security concerns on their platform; (2) Twitter actively worked to hide the security concerns from the board, the investing public, and regulators; (3) contrary to representations in SEC filings, Twitter did not take steps to improve security; (4) Twitter’s active refusal to address security issues increased the risk of loss of public goodwill; and (5) as a result, Defendants’ statements about Twitter’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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