SAN FRANCISCO, Sept. 20, 2021 /PRNewswire/ -- Twitter, Inc.
(NYSE: TWTR) today announced that it has entered into a binding
agreement to settle the consolidated class action lawsuit commenced
in 2016 in the United States
District Court for the Northern District of California. The case was consolidated under
the caption In re Twitter, Inc. Securities Litigation, Case No.
The proposed settlement resolves all claims asserted against
Twitter and the other named defendants without any admission,
concession or finding of any fault, liability or wrongdoing by the
Company or any defendant. Twitter and the individual defendants
continue to deny any wrongdoing or any other improper
Under the terms of the proposed settlement, Twitter will pay
$809.5 million for claims alleging
violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934. The Company intends to use cash on hand to pay the
settlement amount, which is expected to be paid in the fourth
quarter of 2021. The Company expects to record a charge for the
settlement during the third quarter of 2021.
The final settlement agreement will be subject to approval by
About Twitter, Inc.
Twitter (NYSE: TWTR) is what's happening and what people are
talking about right now. To learn more, visit
about.twitter.com and follow @Twitter. Let's talk.
SOURCE Twitter, Inc.