NEW YORK, Sept. 19, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a securities class action has been filed in the
United States District Court, Northern District of California on behalf of those who purchased
shares of Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR)
between February 6, 2015 and
July 28, 2015 both dates inclusive
(the "Class Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange Act").
Twitter is an online global social networking service that
enables users to send and read short 140-character messages called
"tweets". Twitter's main source of revenue is
advertising. Advertising income is driven by the number of
users the level of engagement of such users.
The complaint alleges that during the Class Period, the Company
made materially false and/or misleading statements and/or failed to
disclose: (1) that by early 2015, Twitter's daily active users
(DAUs) had switched the timeline views metric as the main user
engagement metric which is tracked internally by Twitter
management; (2) that the trend in user engagement growth was
lessening; (3) that new product initiatives were not having a
significant impact on monthly active users (MAUs) or user
engagement; (4) that Twitter stated "acceleration" was the result
of low-quality monthly active user growth; (5) and that Twitter
lacked a basis for its previously disclosed estimates of about
20% MAU growth and 550 million MAU in the immediate term.
On April 28, 2015, Twitter
announced its first quarter 2015 financial results and its
projections for the second quarter of 2015, with an estimated
second quarter revenue between $470 million
to $485 million. Twitter also reduced its full year
2015 revenue forecast from a previous guidance of $2.30 billion to $2.35 billion to $2.17 billion and $2.27
billion. Following this news, Twitter stock dropped
$9.39 per share, or 18.18%, to close
at $42.27 on April 28, 2015. Later, on July 28, 2015, post-market, Twitter announced its
second quarter 2015 financial results and projections for the third
quarter of 2015, estimating revenue between $545 million to $560 million. Twitter also
projecting revenue for 2015 full year in the range of $2.20 billion to $2.27 billion. Following this
news, Twitter stock dropped $5.30 per
share, or 14.51%, close at $31.24 on
July 29, 2015
No Class has yet been certified in the above action. To
discuss this action, or for any questions, please visit the firm's
site: http://www.bgandg.com/twtr or contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you suffered
a loss in Twitter, you have until November 15, 2016 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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