Twitter to pay millions of dollars to settle shareholder lawsuit

They said that the settlement resolves all the claims against it, without Twitter admitting any wrongdoing

 

Twitter will have to pay a hefty amount of $809.5 million to settle a lawsuit. The lawsuit alleged that the company has misled the investors. They lied about the information of how much its user base was growing and how many users interacted with its platform.

 

They said that the settlement resolves all the claims against it, without Twitter admitting any wrongdoing.

 

In 2016, the original lawsuit was filed by Twitter investor Doris Shenwick who claimed that the company “knowingly made inaccurate public statements regarding these metrics, and failed to disclose internal information about them, resulting in an inflated share price that fell when the truth about user engagement became known."

 

The company has planned to use cash on hand policy to pay the settlement in the fourth quarter.

 

In the year 2019, they stopped reporting the monthly user figures. At last time the figures were at 330 million. Presently they only report daily user figures.

 

India Scanner News Network

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