TheGrantLawFirm, PLLC Investigates Twitter, Inc. for Possible Securities Fraud
Source: Business Wire
TheGrantLawFirm, PLLC is investigating a potential action against Twitter, Inc. (NYSE:TWTR)(“Twitter” or the “Company”) and certain of its officers and directors for possible securities fraud in connection with the Company’s statements regarding its net users and advertising revenues during the first quarter of 2015.
Specifically, the investigation focuses on whether, during the period from February 5, 2015 to April 28, 2015, the Company disseminated unduly optimistic and misleading public statements concerning Twitter’s advertising revenues and revenue growth. It was disclosed on Tuesday, that Twitter sustained a loss of $162 million in the first quarter of 2015, down approximately $30 million from the same period in 2014. In light of this poor earnings report, and the accumulated losses which Twitter has sustained since its inception, questions have further been raised about its use of stock based compensation and the amount of compensation earned by its new chief executive officer. Upon the earnings leak, trading in Twitter was temporarily halted. The stock eventually plunged over 20% and continues to decline. All 15 brokers following the stock cut their price targets. In February 2015, the Company announced increasing revenues along with the announcement of its fourth quarter earnings.
If you are a current holder of Twitter shares and would like to discuss this investigation and/or are interested in helping shareholders and/or the Company recover their damages, please contact, Jorge Amador at 212-292-4449/jamador@grantfirm.com or Lynda J. Grant at 212-292-4441/lgrant@grantfirm.com. Jorge Amador is a forensics accounting expert and class action attorney. Lynda J. Grant has been representing wronged investors for over 30 years, and was recently selected as a New York Metro Superlawyer.
ATTORNEY ADVERTISING
TheGrantLawFirm, PLLC
Lynda J. Grant, 212-292-4441
lgrant@grantfirm.com
or
Jorge Amador, 212-292-4449
jamador@grantfirm.com
