Company: Twitter, Inc.
Kaskela Law LLC is investigating Twitter, Inc. (NYSE: TWTR) (“Twitter” or the “Company”) on behalf of the Company’s shareholders. The investigation seeks to determine whether Twitter and its executive officers have violated the federal securities laws in connection with prior statements made to investors.
On July 27, 2018, Twitter reported quarterly financial and operational results for the quarter ended June 30, 2018. As discussed by The Wall Street Journal, “Twitter said its number of monthly users dropped in the second quarter and could continue to fall as it purges fake accounts—illustrating the challenges social-media companies face in trying to clean up their platforms.” Similarly, Reuters detailed how Twitter “reported fewer monthly active users than analysts expected and warned that the closely-watched figure could keep falling as it deletes phony accounts, sending shares sharply lower in early trading. … Twitter had said earlier in July that deleting phony accounts would not have much impact on monthly users, since the purge focused on inactive accounts. Twitter’s relations with advertisers have been strained by concerns about phony accounts bought by users to boost their following.”
Following this news, shares of Twitter’s stock declined approximately 20% in early trading on July 27, 2018, on heavy trading volume.
Twitter investors who have suffered a loss in excess of $100,000 are encouraged to contact Kaskela Law LLC to discuss this investigation and their legal rights and options. Investors may also complete the information form on this page to register their information with the firm.