REDWOOD CITY, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. and Sarraf Gentile LLP announce that the Superior Court for the State of California, County of San Mateo has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Twitter, Inc. pursuant or traceable to the Registration Statement for Twitter, Inc.’s November 7, 2013 Initial Public Offering (NYSE: TWTR ):
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES (“PERSONS”) THAT PURCHASED OR OTHERWISE ACQUIRED TWITTER, INC. (“TWITTER”) COMMON STOCK BETWEEN NOVEMBER 7, 2013 AND FEBRUARY 18, 2014, INCLUSIVE (THE “CLASS PERIOD”), PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT FOR TWITTER’S NOVEMBER 7, 2013 INITIAL PUBLIC OFFERING.
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on August 16, 2018 at 9:00 a.m., before the Honorable Marie S. Weiner at the Superior Court of California, County of San Mateo, Department 2, Courtroom 2E, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action (“Action”) for $2,500,000 should be approved by the Court as fair, reasonable and adequate; (2) Judgment as provided under the Stipulation and Agreement of Settlement (“Stipulation”) should be entered, dismissing the Action on the merits and with prejudice; (3) the release by the Class of the Released Claims against the Released Parties, as set forth in the Stipulation, should be provided; (4) for settlement purposes only, a class should be certified under California Code of Civil Procedure § 382; (5) to award Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action (“Long Notice”), which is discussed below); (6) to reimburse Plaintiff for the costs and expenses he incurred in prosecuting this action on behalf of the Class out of the Settlement Fund; and (7) the Plan of Allocation should be approved by the Court. The Court may adjourn or continue the Settlement Fairness Hearing without further notice to members of the Class.
This Action is a securities fraud class action brought on behalf of those Persons who purchased or otherwise acquired the common stock of Twitter during the Class Period (“Class Members”), against Twitter and nine of its current and/or former officers and directors (collectively, “Defendants”) for allegedly omitting material facts from the Registration Statement filed with the SEC in connection with Twitter’s November 7, 2013 Initial Public Offering (“IPO”), resulting in damages to Class Members when the facts were revealed. Defendants deny all of Plaintiff’s allegations.
IF YOU PURCHASED OR OTHERWISE ACQUIRED TWITTER COMMON STOCK BETWEEN NOVEMBER 7, 2013 THROUGH AND INCLUDING FEBRUARY 18, 2014, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.
In order to qualify for a payment, you must timely mail a completed and signed Proof of Claim postmarked on or before August 31, 2018. If you do not submit a timely Proof of Claim form with all of the required information by August 31, 2018, you will not receive a payment from the Settlement Fund.
If you are a Class Member but want to exclude yourself from the Class, you must timely seek exclusion by July 17, 2018. If you do not timely request exclusion from the Class, you will be bound by the Settlement and any Judgment entered in the Action, whether or not you submit a Proof of Claim.
You may obtain a copy of the Long Notice, which more completely describes the Settlement and your rights thereunder (including your right to exclude yourself from the Class or object to the Settlement), and a Proof of Claim form, as well as a copy of the Stipulation (which among other things contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.strategicclaims.net, or by writing to the Claims Administrator:
Twitter, Inc. Securities Litigation
c/o Strategic Claims Services
Claims Administrator
P.O. Box 230
600 North Jackson Street – Suite 205
Media, PA 19063
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
Inquiries other than requests for the Long Notice or for a Proof of Claim form may be made to Plaintiff’s Counsel:
Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
355 South Grand Avenue, Suite 2450
Los Angeles, CA 90071
Phone: (213) 785-2610
Ronen Sarraf, Esq.
SARRAF GENTILE LLP
14 Bond Street, Suite 212
Great Neck, NY 11021
Phone: (516) 699-8890
IF YOU WANT TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION BY JULY 17, 2018, IN THE MANNER AND FORM EXPLAINED IN THE LONG NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE ACTION EVEN IF THEY DO NOT TIMELY FILE A PROOF OF CLAIM.
| Dated: May 3, 2018 | By: | |
| HONORABLE MARIE S. WEINER | ||
| California Superior Court Judge |
