NEW YORK, Sept. 21, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Twitter, Inc. (“Twitter” or the “Company”) TWTR. Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Twitter and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 23, 2022, the Washington Post published an article reporting that Twitter’s former head of security Peiter Zatko had filed a complaint with U.S. regulators, including the U.S. Securities and Exchange Commission, the Department of Justice, and the Federal Trade Commission, regarding “egregious deficiencies” in the Company’s defenses against hackers. In his complaint, Zatko said that he had warned colleagues that some of Twitter’s servers were running out-of-date software and that executives had withheld information about breaches and lack of protections for user data. The complaint further alleged that Twitter prioritized growth over reducing the number of spam accounts, offering executives cash bonuses of as much as $10 million tied to increasing the number of daily users. On this news, Twitter’s stock price fell sharply during intraday trading on August 23, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980