Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Twitter, Inc. (TWTR)
Law Offices of Howard G. Smith reminds investors of the upcoming November 14, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR) securities between August 3, 2020 and August 23, 2022, inclusive (the "Class Period").
Investors suffering losses on their Twitter investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 23, 2022, CNN published an article alleging, among other things, 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 article also stated that the whistleblower disclosure "also alleges that some of the company's senior-most executives have been trying to cover up Twitter's serios vulnerabilities, and that one or more current employees may be working for a foreign intelligence service."
On this news, Twitter's stock fell $3.15, or 7.3%, to close at $39.86 per share on August 23, 2022, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Twitter securities during the Class Period, you may move the Court no later than November 14, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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