Twitter Inc said on Monday it would pay $809.5 million to settle a shareholder class action lawsuit from 2016 that alleged the company misled investors about its daily and monthly user engagement numbers.
A Twitter logo is seen outside the company headquarters in San Francisco, California, U.S., January 11, 2021. REUTERS/Stephen Lamsaid on Monday it would pay $809.5 million to settle a shareholder class action lawsuit from 2016 that alleged the company misled investors about its daily and monthly user engagement numbers.
The individual defendants and Twitter continue to deny any wrongdoing or any other improper actions, the company said in a regulatory filing. The micro-blogging site expects to pay the settlement amount with cash on hand, it said, adding that the amount would be paid in the fourth quarter of this year.Twitter was not immediately available to comment on more details about the lawsuit.
The case commenced in 2016 in the United States District Court for the Northern District of California.More from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. administers about 384.9 mln doses of COVID-19 vaccines -CDCThe United States has administered 384,911,290 doses of COVID-19 vaccines as of Saturday morning and distributed 466,569,635 doses, the U.S. Centers for Disease Control and Prevention said.
Read more »
Pfizer says COVID vaccine safe and 'robust' for children aged 5 to 11Pfizer says COVID vaccine safe and 'robust' for children aged 5 to 11 The pharmaceutical company is now planning to send its research to regulators soon.
Read more »
Opinion | Did Biden write the manual for prosecuting Trump 30 years ago?DOJ needs to appoint a special prosecutor to hold Trump accountable for his actions.
Read more »
The Very Best Social Media Reactions to the 2021 EmmysLet's take a look at some of the night's best social reactions to the Emmys, shall we?
Read more »
Brad Pitt and Angelina Jolie's divorce still rumbling on five years laterBrad and Angelia filed for divorce back in 2016 but have still not reached a conclusion about who will have custody of their children
Read more »
Powerball jackpot rises to 11th largest of all timeThe largest ever Powerball jackpot was $1.586 billion, which was won by three players in January 2016.
Read more »