Shareholder Alert: Robbins LLP Announces Twitter, Inc. (TWTR) Sued for Misleading Shareholders
November 04 2019 - 3:35PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Twitter, Inc. (NYSE: TWTR) filed a class action
complaint for alleged violations of the Securities Exchange Act of
1934 between August 6, 2019 and October 23, 2019. Twitter operates
as a platform for public self-expression and conversation in real
time.
If you suffered a loss as a result of Twitter's misconduct,
click here.
Twitter, Inc. (TWTR) Accused of Misleading
Shareholders
According to the complaint, in August 2019, Twitter disclosed
that it had identified issues in its user settings choices for
target advertising but went on to assure investors that it had
"fixed [the] issues." However, Twitter failed to disclose that the
changes it implemented to fix these issues also adversely affected
Twitter's ability to target advertising, including through its
Mobile App Promotion ("MAP") product. As a result, Twitter
experienced a material decline in advertising revenue. This decline
in Twitter's financials became public knowledge on October 24,
2019, when Twitter revealed overall revenue that was 5% lower than
analysts' expectations, citing weaker-than-expected advertising
revenue as the cause. Following this disclosure, the Wall Street
Journal published an article highlighting Twitter's issues with its
advertising software and the continued negative impact on ad sales
expected by the Company moving forward. On this news, Twitter's
shares price fell $8.10 per share, or over 20%, to close at $30.73.
The stock continues to decline.
Twitter, Inc. (TWTR) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191104005935/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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