LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Twitter, Inc. (“Twitter” or “the Company”) (NYSE: TWTR) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. CNN published an article titled, “Ex-Twitter exec blows the whistle, alleging reckless and negligent cybersecurity policies,” on August 23, 2022. The article states, “Twitter has major security problems that pose a threat to its own users’ personal information, to company shareholders, to national security, and to democracy, according to an explosive whistleblower disclosure obtained exclusively by CNN and The Washington Post.” The article adds that the complaint was “sent last month to a number of US government agencies and congressional committees, including the Securities and Exchange Commission, the Federal Trade Commission and the Department of Justice,” by “Peiter ‘Mudge’ Zatko, who was previously the company’s head of security, reporting directly to the CEO.” The report states that, “what Zatko says he found was a company [Twitter] with extraordinarily poor security practices, including giving thousands of the company’s employees — amounting to roughly half the company’s workforce — access to some of the platform’s critical controls.” The whistleblower complaint “also alleges that some of the company’s senior-most executives have been trying to cover up Twitter’s serious vulnerabilities, and that one or more current employees may be working for a foreign intelligence service.” Based on this news, shares of Twitter fell by 7% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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