NEW YORK, Oct. 22, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors from Twitter, Inc. (“Twitter” or the “Company”) TWTR. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether Twitter and certain of its officers and/or directors engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On April 25, 2022, Twitter announced that it had agreed to sell itself to Elon Musk for $54.20 per share, or approximately $44 billion (the “Buyout”).

Then, on May 13, 2022, Elon Musk posted misleading tweets claiming that the buyout was “temporarily suspended.” On May 17, 2022, Musk issued another tweet stating that the buyout “cannot proceed” until Twitter showed him proof of the number of “fake accounts” on his platform. Thereafter, between July 8, 2022 and September 9, 2022, Musk issued three separate notices purporting to complete the buyout.

Then, on October 4, 2022, less than two weeks before Musk was scheduled to appear in Delaware court over the merger, Musk issued a statement stating that he had agreed to purchase Twitter for the original purchase price of $54.20 per share would continue. Following Musk’s announcement, Twitter stock rose 22% in one day. However, Twitter shareholders — who sold their Twitter stock based on Musk’s statements purporting to end the buyout — were hurt by selling Twitter stock at prices artificially depressed by Musk’s behavior.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz is…