Plaintiff brings this action on behalf of a class of all persons and entities who sold Twitter securities between May 13, 2022, and October 4, 2022, inclusive.

The Complaint alleges that the Defendant issued false statements about his purchase of Twitter, Inc., including false claims that Twitter had breached the terms of the merger agreement. The Complaint further alleges that the Defendant’s statements were false because (1) Defendant had waived due diligence under the merger agreement; (2) Defendant was aware of issues relating to bots and spam on Twitter’s platform and had even vowed to eliminate the bots after he acquired Twitter; and (3) Defendant did not have a justifiable reason to delay or terminate the merger.

On October 4, 2022, less than two weeks before Defendant was set to go to trial in Delaware over the merger, Defendant issued a statement indicating he would proceed with the purchase of Twitter at the original purchase price of $54.20 per share. The announcement shocked the stock market and the price of Twitter stock increased by 22% in one day. However, as the Complaint alleges, Twitter stockholders – who sold their Twitter stock based on Defendant’s false statements about the merger – were damaged by selling Twitter stock at artificially depressed prices.

On April 24, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 8. Defendant filed a Motion to Dismiss the amended Complaint on July 10.

On December 11, 2023, the Court issued an Order granting in part and denying in part Defendant's Motion to dismiss. Plaintiff was given leave to amend the Complaint.

Plaintiff filed a Motion for Class Certification on May 24, 2024. On September 27, the Court issued an Order granting Class Certification. Defendant filed for petition to appeal the Court's Class Certification Order on October 11.

On January 24, 2025, the Court of Appeals denied the petition requesting permission to appeal.