Twitter Deadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Twitter, Inc. To Contact The Firm
New York, New York--(Newsfile Corp. - December 13, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Twitter, Inc. (NYSE: TWTR) ("Twitter" or the "Company") of the December 30, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Twitter stock or options between August 6, 2019 and October 23, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/TWTR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Twitter securities between August 6, 2019 and October 23, 2019 (the "Class Period"). The case, Hasan v. Twitter, Inc. et al., No. 19-cv-07149 was filed on October 29, 2019 and has been assigned to Judge Yvonne Gonzalez Rogers.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading statements and failed to disclose that: (1) while Twitter represented that it "fixed" certain issues relating to user choice settings designed to target advertising were not working as intended; (2) the changes implemented to fix these issues adversely affected Twitter's ability to target advertising, including the targeting of advertising through its Mobile App Promotion ("MAP") product, which caused a material decline in advertising revenue; and (3) as a result, Twitter's public statements were materially false and misleading at all relevant times.
On October 24, 2019, before the market opened, the Company disclosed its financial results for the quarter ended September 30, 2019 and conducted a conference call with investors. During the conference call, Defendant Jack Dorsey disclosed that Twitter "had some missteps and bugs in our map ads . . . We discovered and took steps to remediate bugs that largely affected our legacy map product. These bugs affected our ability to target ads and share data with measurement and partners. We also discovered that certain personalization and data sightings were not operating as expected."
On this news, Twitter's stock price fell from $38.83 on October 23, 2019 to a closing price of $30.75 per share on October 24, 2019- a $8.08 or 20.81% drop.
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.
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