Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Twitter, Inc. Investors & Encourages I...
10 Novembre 2016 - 8:39PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR)
securities between February 6, 2015 and July 28, 2015,
inclusive (the “Class Period”). Twitter investors have
until November 15, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Twitter investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
According to the Complaint filed in this lawsuit, throughout the
Class Period defendants issued false and misleading statements,
including: (a) that by early 2015, daily active users (“DAUs”) had
replaced the timeline views metric as the primary user engagement
metric tracked internally by Twitter management; (b) that the trend
in user engagement growth was flat or declining; (c) that new
product initiatives were not having a meaningful impact on Monthly
Active Users (“MAUs”) or user engagement; (d) that Twitter’s stated
“acceleration [in MAU growth]” was the result of low-quality MAU
growth, and (e) that defendants lacked a basis for their previously
issued projections of approximately 20% MAU growth and 550 million
MAUs in the immediate term.
On April 28, 2015, Twitter issued its first quarter 2015
financial results and released its forecast for the second quarter
of 2015, anticipating second quarter revenue of approximately $470
million to $485 million. Additionally, Twitter lowered its full
year 2015 revenue guidance to between $2.17 billion and $2.27
billion. On this news, Twitter stock fell over 18% to close at
just $42.27 per share on April 28, 2015.
Then, on July 28, 2015, post-market, Twitter issued a press
release disclosing its second quarter 2015 financial results and
announced its outlook for the third quarter of 2015, anticipating
third quarter revenue of $545 million to $560 million. Twitter
also provided its financial forecast for the full year of 2015,
predicting revenue in the range of $2.20 billion to $2.27
billion. On this news, Twitter stock fell over 14% to close at
$31.24 per share on July 29, 2015, thereby injuring investors.
If you purchased shares of Twitter during the Class Period you
may move the Court no later than November 15,
2016 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161110006394/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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