LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Twitter, Inc. (“Twitter” or the “Company”) (NYSE: TWTR) securities between February 6, 2015 and July 28, 2015, inclusive (the “Class Period”). Twitter investors have until November 15, 2016 to file a lead plaintiff motion.
Investors suffering losses on their Twitter investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
According to the Complaint filed in this lawsuit, throughout the Class Period defendants issued false and misleading statements, including: (a) that by early 2015, daily active users (“DAUs”) had replaced the timeline views metric as the primary user engagement metric tracked internally by Twitter management; (b) that the trend in user engagement growth was flat or declining; (c) that new product initiatives were not having a meaningful impact on Monthly Active Users (“MAUs”) or user engagement; (d) that Twitter’s stated “acceleration [in MAU growth]” was the result of low-quality MAU growth, and (e) that defendants lacked a basis for their previously issued projections of approximately 20% MAU growth and 550 million MAUs in the immediate term.
On April 28, 2015, Twitter issued its first quarter 2015 financial results and released its forecast for the second quarter of 2015, anticipating second quarter revenue of approximately $470 million to $485 million. Additionally, Twitter lowered its full year 2015 revenue guidance to between $2.17 billion and $2.27 billion. On this news, Twitter stock fell over 18% to close at just $42.27 per share on April 28, 2015.
Then, on July 28, 2015, post-market, Twitter issued a press release disclosing its second quarter 2015 financial results and announced its outlook for the third quarter of 2015, anticipating third quarter revenue of $545 million to $560 million. Twitter also provided its financial forecast for the full year of 2015, predicting revenue in the range of $2.20 billion to $2.27 billion. On this news, Twitter stock fell over 14% to close at $31.24 per share on July 29, 2015, thereby injuring investors.
If you purchased shares of Twitter during the Class Period you may move the Court no later than November 15, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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