A lawsuit was filed on behalf of investors in Twitter, Inc. (NYSE: TWTR) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/15/2019 -- An investor, who purchased shares of Twitter, Inc. (NYSE: TWTR), filed a lawsuit over alleged violations of Federal Securities Laws by Twitter, Inc. in connection with certain allegedly false and misleading statements made between August 6, 2019 through October 23, 2019.
Investors who purchased shares of Twitter, Inc. (NYSE: TWTR) have certain options and for certain investors are short and strict deadlines running. Deadline: December 30, 2019. NYSE: TWTR investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On October 24, 2019, before the market opened, Twitter, Inc. disclosed its financial results for the quarter ended September 30, 2019 and conducted a conference call with investors. During the conference call, the CEO of Twitter, Inc., disclosed that Twitter "had some missteps and bugs in our map ads . . . We discovered and took steps to remediate bugs that largely affected our legacy map product. These bugs affected our ability to target ads and share data with measurement and partners. We also discovered that certain personalization and data sightings were not operating as expected."
Shares of Twitter, Inc. (NYSE: TWTR) declined from $40.70 per share on October 11, 2019 to as low as $28.84per share on October 31, 2019.
The plaintiff claims that on August 6, 2019, Twitter, Inc publicly disclosed through a tweet that it recently found issues where certain user settings choices designed to target advertising were not working as intended. Twitter, Inc represented that "We recently discovered and fixed issues related to your settings choices for the way we deliver personalized ads, and when we share certain data with trusted measurement and advertising partners." (Emphasis added). However, the plaintiff alleges that unknown to investors, while Twitter, Inc represented that it "fixed" certain issues relating to user choice settings, Defendants failed to disclose that the changes implemented to fix these issues adversely affected Twitter's ability to target advertising, including the targeting of advertising through its Mobile App Promotion ("MAP") product, which caused a material decline in advertising revenue.
Those who purchased shares of Twitter, Inc. (NYSE: TWTR) have certain options and should contact the Shareholders Foundation.
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