LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On April 28, 2022, Twitter announced its first quarter 2022 financial results in a press release, in which the Company "estimate[d] that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of" Twitter's monetizable daily active users. However, the Company stated that this estimate was subject to "significant judgment."
On May 13, 2022, Elon Musk tweeted that his $44 billion bid to buy Twitter was "temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users."
On this news, Twitter’s stock fell $4.35, or 9.7%, to close at $40.72 per share on May 13, 2022, thereby injuring investors.
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If you purchased Twitter securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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