9/20/2021- 10:27 a.m.
Twitter to Pay $809MN to Settle Lawsuit Claiming Investors Were Misled for “Insider Profits”
Twitter has disclosed a binding agreement to settle a class-action lawsuit on Monday – which claims Jack Dorsey and others provided misleading user-engagement information to investors.
The social network will pay $809mn to resolve the claims. The original suit from 2016, alleged Dorsey and others hid facts about Twitter’s slowing user growth while selling personal stock holdings for “hundreds of millions of dollars in insider profits.”
Twitter says the final settlement agreement will not “include or constitute an admission, concession, or finding of any fault, liability, or wrongdoing by the Company or any defendant.”
Nothing like admitting when you’re wrong!
