Twitter to pay $809.5 million to settle securities fraud class-action lawsuit


Robbins Geller Rudman & Dowd LLP, the law firm representing the National Elevator Industry Pension Fund in the case, described the settlement amount as “record-breaking.”

In a statement, Daniel Drosman, the lead counsel for Robbins Geller said, “The bottom line is whether you have a track record of trying complex securities fraud trials or not – that’s what enabled us to maximize the recovery for our clients and the class here.”

On the other hand,  Tor Gronborg, a partner at Robbins Geller who serves as a lead attorney on the trial team, commented, “The jury trial is a great equalizer, even for some of the most powerful entities on the planet.  It levels the playing field and sets the stage for accountability.”

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In its Form 8-K filing with the SEC, Twitter revealed that it entered into a binding agreement to settle the consolidated securities fraud class-action lawsuit.

According to the social media company, the $809.5 million settlement amount will resolve its alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.