WASHINGTON. Twitter will pay $ 809.5 million to close the class action that accused it of misleading investors about growing its user base. The San Francisco-based company said the proposed deal – which has yet to be approved by a judge – resolves all claims against it without Twitter admitting any wrongdoing.
The original lawsuit filed in 2016 by Twitter investor Doris Shenwick alleged that Twitter executives “knowingly made inaccurate public statements regarding these metrics and did not disclose inside information about them, resulting in an inflated share price that fell when the truth about user engagement has become known ».