BOSTON, April 12, 2022 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders of Twitter, Inc. (NYSE: TWTR) common shares against Elon Musk for securities law violations. The complaint was brought in United States District Court for the Southern District of New York and is captioned Rasella v. Elon Musk, No. 1:22-cv-03026 (S.D.N.Y.) and is brought on behalf of investors that incurred damages on their sales in Twitter common stock between March 24, 2022 and April 1, 2022, inclusive (the “Class Period”).
A class has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Investors who sold Twitter shares between March 24, 2022 and April 1, 2022 are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or to visit our website for information on the case.
The deadline to seek appointment as lead plaintiff is June 13, 2022.
What is this all about?
Elon Musk, the founder of Tesla and Space-X, and according to Forbes, the richest person in the world, started to acquire shares of Twitter beginning in January 2022. By March 14, 2022, Musk had acquired more than a 5% ownership stake in Twitter, requiring him to file a Schedule 13 with the United States Securities and Exchange Commission (“SEC”) within 10 days, or March 24, 2022.
Musk did not file a Schedule 13 with the SEC within the required time and instead continued to amass Twitter shares, eventually acquiring a 9.1% stake in the Company before finally filing a Schedule 13 on April 4, 2022. By the time Musk filed the required Schedule 13, revealing his ownership stake in Twitter, the Company’s share rose from a closing price of $39.31 per share on April 1, 2022, to close at $49.97 per share on April 4, 2022 – an increase of approximately 27%.
Investors who sold shares of Twitter Stock between March 24, 2022, and before the actual April 4, 2022 disclosure, missed the resulting share price increase as the market reacted to Musk’s purchases. By failing to timely disclose his ownership stake, Mush was able to acquire shares of Twitter less expensively during the Class Period.
If you sold or otherwise disposed of Twitter shares between March 24, 2022 and April 1, 2022 or have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or visit our website. The deadline to seek appointment as lead plaintiff is June 13, 2022.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
