Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating whether Elon Musk (“Musk”) and other individuals with relevant knowledge, violated federal securities laws in connection with statements made concerning Musk’s announced acquisition of Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR). If you purchased or otherwise acquired Twitter securities and have since suffered a loss, realized or unrealized, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312 for more information.
On April 25, 2022, Twitter and its board of directors agreed to sell Twitter to Elon Musk for $44 billion.
On May 13, 2022, Elon Musk revealed that he has put the deal to acquire Twitter “on hold” attributing the move to uncertainty around the number of bots, spam and/or fake accounts on the platform, citing to a Reuters story from May 2, 2022 that referenced Twitter’s 10-Q filing in which the Company brought up the issue of fake accounts and their responsibility for fewer than 5% of Twitter’s monetizable daily active users. On this news, Twitter’s stock plunged nearly 10% to close at $40.72 per share.
On May 16, 2022, Bloomberg reported that, while speaking at a private event, Musk suggested that if the deal were to proceed it would have to come at a lower price. On this news, Twitter’s stock declined another 8.1%, to close at $37.39 per share.
Then, on May 17, 2022, Musk tweeted that the “deal cannot move forward” until Twitter’s CEO shows proof that fake/spam accounts represent less than 5% of Twitters daily active users.
What You Can Do
If you purchased or otherwise own Twitter securities, and you wish to discuss this investigation, please contact attorney Jonathan Zimmerman at (888) 398-9312 or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Fl, NY, NY 10169