SAN FRANCISCO, CA / ACCESSWIRE / November 30, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends thatTwitter, Inc. ("Twitter") (NYSE:TWTR) investors who bought or sold shares in Twitter and suffered losses between May 13, 2022 and October 4, 2022 contact our law offices immediately for more details about the pending securities fraud class action against Elon Musk in relation to his purchase of Twitter. The last day to apply to be a lead plaintiff in the action is December 12, 2022.
Class Period: May 13, 2022 - October 4, 2022
Lead Plaintiff Motion Deadline: December 12, 2022
Case information: https://www.lieffcabraser.com/securities/elon-musk/
Contact us: Email or text [email protected] or call 1-800-541-7358
The securities class action alleges that Elon Musk made false and/or misleading statements about his acquisition of Twitter, including termination notices that falsely claimed that Twitter had breached terms of the merger agreement. On May 13, 2022, Musk tweeted that the merger was "temporarily on hold," followed by statements three days later, on May 17, 2022, that the merger "cannot go forward" and that almost 20% of Twitter accounts were fake. Musk subsequently issued three notices terminating the merger that falsely claimed that Twitter had breached terms of the merger agreement by not giving him documents about spam. Musk, however, was not entitled to due diligence and had in fact waived due diligence, and was aware of Twitter's problem with bots and spam. The action alleges that there was no legally justifiable reasons for Musk to terminate the merger, and that investors who sold Twitter stock at a depressed price during the Class Period were harmed.
On October 4, 2022, just two weeks before his trial against Twitter over the merger was set to begin, Elon Musk announced his intention to buy Twitter on the original terms. On this news, the price of Twitter stock rose $9.46, or 22.2%, from a closing price of $42.54 on October 3, 2022, to close at $52.00 per share on October 4, 2022, on elevated trading volume.
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SOURCE: Lieff Cabraser Heimann & Bernstein