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Twitter offers $800 mln settlement to 2016 class-action lawsuit

By 09/20/2021 12:44 PMNo Comments

After four years of litigation, Twitter Inc said on Monday it would pay $809.5 million to settle a shareholder class-action lawsuit from 2016.

The lawsuit accuses Twitter of allegedly misleading investors about its daily and monthly user engagement numbers.

In the trial, the individual defendants and Twitter continue to deny any wrongdoing or any other improper actions.

In offering the settlement, Twitter hopes to pay the settlement amount with cash on hand.

Twitter also added that the amount would be paid in the fourth quarter of this year.

Moreover, Twitter also expects to record a charge for this settlement during the third quarter.

The case was filed in 2016 in the United States District Court for the Northern District of California.

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