Ticker: TWTR

Class Period Start: 03/24/2022

Class Period End: 04/04/2022

Registration Deadline: 06/13/2022

Elon Musk (“Musk”), the founder of Tesla and Space-X, and according to Forbes, the richest person in the world, started to acquire shares of Twitter beginning in January 2022. By March 14, 2022, Musk had acquired more than a 5% ownership stake in Twitter, requiring him to file a Schedule 13 with the United States Securities and Exchange Commission (“SEC”) within 10 days, or March 24, 2022.

Musk did not file a Schedule 13 with the SEC within the required time and instead continued to amass Twitter shares, eventually acquiring a 9.1% stake in the Company before finally filing a Schedule 13 on April 4, 2022. By the time Musk filed the required Schedule 13, revealing his ownership stake in Twitter, the Company’s share rose from a closing price of $39.31 per share on April 1, 2022, to close at $49.97 per share on April 4, 2022 – an increase of approximately 27%.

The Complaint alleges that investors who sold shares of Twitter stock between March 24, 2022, and before the actual April 4, 2022 disclosure, missed the resulting share price increase as the market reacted to Defendant’s purchases and that by failing to timely disclose his ownership stake, Defendant was able to acquire shares of Twitter less expensively during the Class Period.

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