MT. PLEASANT, S.C., April 16, 2019 /PRNewswire/ --
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN FRANCISCO DIVISION
IN RE TWITTER, INC. SECURITIES LITIGATION
CASE NO. 3:16-cv-05314-JSTCLASS ACTIONSUMMARY NOTICE OF PENDENCYOF CLASS ACTION
To all persons and entities that purchased or otherwise acquired shares of the publicly traded common stock of Twitter, Inc. ("Twitter" or the "Company") during the period from February 6, 2015 through July 28, 2015, inclusive (the "Class Period").
You could be affected by a class action lawsuit against Twitter and Individual Defendants Richard Costolo and Anthony Noto (collectively "Defendants"). The Court which authorized this notice is allowing the case to proceed as a class action on behalf of a "Class" and appointed attorneys as "Co-Class Counsel." The Court has not decided that Defendants did anything wrong. Defendants have not been ordered to pay any money. No settlement has been reached. There is no money available now and no guarantee that there will be.
The lawsuit alleges that Defendants knowingly concealed and made false statements about Twitter's key operating metrics during the Class Period, in violation of the Securities Exchange Act of 1934. Defendants deny any wrongdoing in this lawsuit and believe that the claims are without merit.
You are a potential "Class Member" only if you purchased or otherwise acquired shares of the publicly traded common stock of Twitter during the period from February 6, 2015 and July 28, 2015, inclusive. Excluded from the Class are Twitter and the Individual Defendants; members of the immediate families of the Individual Defendants; Twitter's subsidiaries and affiliates; any person who is or was an officer or director of Twitter during the Class Period; any entity in which any Defendant has a controlling interest; and the legal representatives, heirs, successors and assigns of any such excluded person or entity. Also excluded from the Class is any person or entity that timely and validly requests exclusion from the Class. In addition, Defendants have reserved their rights to move to de-certify the Class, in whole or in part, or to seek the exclusion from the Class of certain entities or individuals at a later date.
If you want to stay in the Class, you do not have to do anything now. If you do nothing, you will stay in the Class and be bound by the Court's orders and will lose any right you may have to sue Defendants regarding the factual circumstances and claims in this case. If you do not want to be a Class Member or to be bound by what the Court does and want to keep any rights you may have to sue Defendants over the factual circumstances and claims asserted in this case, you need to exclude yourself. To be excluded, you must send a letter to In re Twitter, Inc. Securities Litigation, Administrator, P.O. Box 6389, Portland, OR 97228-6389 and must include certain information, as set forth in the long-form notice available at the website listed below. If you choose to exclude yourself, you cannot get money or benefits recovered if any are awarded at a later date. The deadline to exclude yourself is May 23, 2019.
This notice is only a summary. For more information visit www.TwitterSecuritiesLitigation.com or call 1 (888) 510-9590.
SOURCE United States District Court, Northern District of California