SAN FRANCISCO, Sept. 15, 2022 /PRNewswire/ -- Hagens Berman urges Twitter, Inc. (NYSE: TWTR) investors who suffered significant losses to submit your losses now.
The litigation focuses on Twitter's repeated claims about its compliance with its March 2011 settlement with the Federal Trade Commission that barred the company for 20 years "from misleading consumers about the extent to which it protects the security, privacy, and confidentiality of nonpublic consumer information, including the measures it takes to prevent unauthorized access to nonpublic information and honor the privacy choices made by consumers."
The complaint alleges: (1) Twitter knew about security concerns on its platform; (2) Twitter actively worked to hide the security concerns from the board, investors, and regulators; (3) contrary to Twitter's representations in SEC filings, it did not take steps to improve security; and (4) Twitter's active refusal to address security issues increased the risk of loss of public goodwill.
Investors learned the truth on Aug. 23, 2022, when CNN reported that Peiter "Mudge" Zatko, Twitter's former head of security, alleged in his July 2022 whistleblower complaint "that Twitter's leadership misled its own board and government regulators about its security vulnerabilities, including some that could allegedly open the door to foreign spying or manipulation, hacking and disinformation campaigns."
This news sent the price of Twitter shares down over 7% lower on Aug. 23, 2022, wiping out over $2 billion of shareholder value.
"We're focused on investors' losses and whether Twitter lied about its commitment to protect users' nonpublic information," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Twitter and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Twitter should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TWTR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP