Twitter Deadline Alert
Sep 23rd, 2022 18:01 EST
Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Twitter To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - September 23, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR) and reminds investors of the November 14, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Twitter stock or options between August 3. 2020 and August 23, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TWTR.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose 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.
On August 23, 2022, CNN published an article entitled "Ex-Twitter exec blows the whistle, alleging reckless and negligent cybersecurity policies" which revealed that "Twitter has major security problems that pose a threat to its own users' personal information, to company shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post." The report also stated that the disclosure was "sent last month to a number of US government agencies and congressional committees, including the Securities and Exchange Commission, the Federal Trade Commission and the Department of Justice" and that the whistleblower is "Peiter 'Mudge' Zatko, who was previously the company's head of security, reporting directly to the CEO." The report further stated, among other things, that "[w]hat Zatko says he found was a company [Twitter] with extraordinarily poor security practices, including giving thousands of the company's employees - amounting to roughly half the company's workforce - access to some of the platform's critical controls." Finally, the report stated that the disclosure "also alleges that some of the company's senior-most executives have been trying to cover up Twitter's serious vulnerabilities, and that one or more current employees may be working for a foreign intelligence service."
On this news, Twitter's share price fell $3.15, 7.32%, to close at $39.86 on August 23, 2022, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Twitter's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138216