STEVENSON, Md., Oct. 11, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Twitter, Inc. (NYSE: TWTR ) (“Twitter” or the “Company”) common stock during the period between February 6, 2015 and July 28, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until November 15, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Twitter common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period 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 and the trend in use engagement growth was flat or declining, new product initiatives were not having a meaningful impact on MAUs (a measure of the total user base) or user engagement, the acceleration in MAU growth was the result of low-quality MAU growth, and the previously issued projections regarding MAU growth lacked any reasonable basis.
According to the complaint, following a July 28, 2015 press release announcing its second quarter 2015 financial results, disclosing that MAUs had increased by only 2 million users over the prior quarter, product initiatives had not affected growth, and that organic growth was going to be very low, the value of Twitter shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Twitter common stock purchased on or after February 6, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
