Twitter pays $809.5M to settle case against investors

Monday, 20. September 2021 16:57

Twitter announced on Monday it had entered a binding agreement to settle a class-action suit and agreed to pay $809.5 million "without any admission, concession or finding of any fault, liability or wrongdoing".

The case filed in 2016 accused the social media company and its top management of making "false statements" and misleading shareholders on the company's growth, causing "artificially inflated prices" and subsequently "economic harm and damages" to investors at the time.

Following the statement, Twitter stocks fell by 3.62% at 10:52 am ET to sell for $60.14 per share.

Related Links: Twitter Inc.
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Breaking the News / LH