Investors can Contact the toll-free law firm to learn more about recovering their losses
LOS ANGELES, April 25, 2022 (GLOBE NEWSWIRE) — Portnoy Law Firm advises Twitter, Inc. (“Twitter” or the “Company”) TWTR investors that the company has opened an investigation into possible securities fraud and may file a class action lawsuit on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone at 844-767-8529 or by email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss options for investors to pursue claims to recover their losses.
Elon Musk, the founder of Tesla and Space-X, and according to Forbes, the richest person in the world, began acquiring shares of Twitter in January 2022. By March 14, 2022, Musk had acquired a stake of more than 5 % in Twitter, requiring it to file a Schedule 13 with the U.S. Securities and Exchange Commission (“SEC”) within 10 days, or March 24, 2022. However, Musk did not file a Schedule 13 with the SEC within the required time frame and instead continued to amass Twitter stock, eventually acquiring a more than 9% stake in the company before finally filing a Schedule 13 on April 4, 2022.
After Musk belatedly filed the required Schedule 13, which revealed his Twitter stake to the public for the first time, the company’s shares fell from a closing price of $39.31 per share on April 1, 2022. to $49.97 per share on April 4, 2022. – an increase of 27%.
Investors who sold shares of Twitter between March 24, 2022 and April 4, 2022 missed the resulting share price increase as the market reacted to Musk’s buying. By failing to disclose his stake in a timely manner, Musk was able to acquire shares of Twitter cheaply during the class period.
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Portnoy Law Firm represents investors in the prosecution of claims caused by corporate wrongdoing. The company’s founding partner has recovered more than $5.5 billion for harmed investors. Lawyer advertisement. Prior results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Admitted to the CA and NY Bar