TWITTER to Pay $809 Million to Settle Suit Alleging Dorsey Misled Investors…

Sharing is Caring!

Twitter disclosed a binding agreement to settle a class-action lawsuit, under which the social network will pay $809.5 million to resolve claims it provided misleading user-engagement info to investors.

The original lawsuit, filed in 2016 by a Twitter shareholder, alleged Dorsey and others including former CEO Dick Costolo and board member Evan Williams hid facts about Twitter’s slowing user growth while they sold their personal stock holdings “for hundreds of millions of dollars in insider profits.” The complaint alleged the company was tracking daily active users (DAUs) as the primary indicator of Twitter’s user engagement by early 2015 but didn’t reveal that to investors at the time (when it was reporting monthly active user figures). According to the lawsuit, Twitter’s DAU figures showed that user engagement growth was either flat or declining.

See also  Biden's USAID Launches $125 Million Project DEEP VZN To Find 8,000 to 12,000 New Viruses. Promising more frequent outbreaks.
See also  Lanzhou China in Lockdown Due To Surge in New COVID Cases... 4 Million Population Affected

variety.com/2021/digital/news/twitter-investor-lawsuit-settlement-payment-jack-dorsey-1235068982/

378 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.