SAN DIEGO, CA / ACCESSWIRE / November 14, 2022 / The Shareholders Foundation, Inc. announced that an investor who SOLD shares of Twitter, Inc. (NYSE:TWTR) filed a lawsuit against Elon Musk over alleged violations of Federal Securities Laws.
Investors SOLD over $100,000 worth of Twitter, Inc. (NYSE:TWTR) between May 13, 2022 and October 4, 2022 have certain options and there are short and strict deadlines running. Deadline: October 24, 2022. Those who sold Twitter, Inc. (NYSE:TWTR) shares between May 13, 2022 and October 4, 2022 should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On April 25, 2022, Twitter, Inc. announced that it had agreed to sell itself to Elon Musk for $54.20 per share, or approximately $44 billion.
Then on May 13, 2022, Elon Musk tweeted that the merger was temporarily on hold and on May 17, 2022, he tweeted that due to "20% fake/spam accounts, while 4 times what twitter claims, could be *much* higher" that the deal cannot go forward. Thereafter Elon Musk sent between July 8, 2022 and September 9, 2022, three separate letters to Twitter officially terminating the merger.
After receiving the July 8, 2022 termination letter from Elon Musk, Twitter sued Elon Musk in Delaware Chancery Court. Shares of Twitter declined to $32.52 per share on July 12, 2022.
Twitter's lawsuit against Elon Musk, which sought specific performance, was expedited and set for trial beginning on October 17, 2022, however on October 4, 2022, Musk announced that he intended to go through with the Merger at the original price of $54.20. In late October Musk completed the acquisition of Twitter at $54.20 per share.
However, the plaintiff claims that Musk's statements were false because Musk was not entitled to due diligence and had in fact waived due diligence, that Musk was well aware of the problem of bots and spam on Twitter, and that there were no legally justifiable reasons for Musk to terminate the Merger. The plaintiff seeks damages from Musk.
Those who SOLD Twitter, Inc. (NYSE:TWTR) shares between May 13, 2022 and October 4, 2022 should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached by and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.