The Twitter class action lawsuit seeks to represent purchasers or acquirers of Twitter, Inc. (NYSE: TWTR) publicly traded securities between August 3, 2020 and August 23, 2022, inclusive (the “Class Period”). The Twitter class action lawsuit – captioned Baker v. Twitter, Inc., No. 22-cv-06525 (C.D. Cal.) – charges Twitter and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered losses in Twitter stock and wish to serve as lead plaintiff of the Twitter class action lawsuit, please provide your information below. You can also contact Twitter Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Twitter class action lawsuit must be filed with the court no later than November 14, 2022. If you suffered losses in Twitter stock and have questions, please contact Twitter Stock Loss Lawyer Timothy L. Miles today.
Allegations in the Twitter Class Action Lawsuit
In 2010, the Federal Trade Commission (“FTC”) filed a complaint against Twitter for mishandling users’ private information and the issue of too many employees having access to Twitter’s central controls. On March 11, 2011, the FTC agreed to a settlement with Twitter and, as part of the settlement, Twitter agreed it would be “barred for 20 years from misleading consumers about the extent to which it protects the security, privacy, and confidentiality of nonpublic consumer information, including the measures it takes to prevent unauthorized access to nonpublic information and honor the privacy choices made by consumers.”
However, as the Twitter class action lawsuit alleges, defendants failed to disclose that: (i) Twitter knew about security concerns on their platform; (ii) Twitter actively worked to hide the security concerns from their Board of Directors, the investing public, and regulators; (iii) contrary to representations in U.S. Securities and Exchange Commission (“SEC”) filings, Twitter did not take steps to improve security; and (iv) Twitter’s active refusal to address security issues increased the risk of loss of public goodwill.
On August 23, 2022, CNN published an article titled “Ex-Twitter exec blows the whistle, alleging reckless and negligent cybersecurity policies,” reporting that “Twitter has major security problems that pose a threat to its own users’ personal information, to [Twitter] shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post.” The article further revealed that “[t]he whistleblower, who has agreed to be publicly identified, is Peiter ‘Mudge’ Zatko, who was previously [Twitter’s] head of security, reporting directly to the CEO.” Specifically, “Zatko further alleges that Twitter’s leadership has misled its own board and government regulators about its security vulnerabilities, including some that could allegedly open the door to foreign spying or manipulation, hacking and disinformation campaigns.”
On this news, Twitter’s stock price fell by approximately 7%, damaging investors who suffered losses in Twitter stock.
The Lead Plaintiff Process in the Twitter Class Action Lawsuit
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Twitter stock to seek appointment as lead plaintiff in the Twitter class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Twitter stock, and have further questions, contact Twitter Stock Loss Lawyer Timothy L. Miles today.
How Can a Twitter Stock Loss Lawyer Help Me?
A Twitter Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. A Twitter Stock Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a Twitter Stock Loss Lawyer who will work to recover the losses you sustained through a Twitter Class Action lawsuit.
Contact a Twitter Stock Loss Lawyer if You Suffered Losses in Twitter Stock
If you suffered losses in Twitter stock, contact Twitter stock loss lawyer Timothy L. Miles today about a Twitter class action lawsuit, and see what a Twitter Stock Loss Lawyer can do for you.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
Timothy L. Miles
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