You received the Notice because the Court has certified a Class in this lawsuit and you were identified as a potential Class Member whose rights may be affected by this lawsuit. The Notice explains that the Court has allowed, or “certified,” a class action lawsuit that may affect you.
The Court decided that this lawsuit can proceed as a class action because it meets the requirements of Federal Rule of Civil Procedure 23, which governs class actions in federal district courts. Specifically, the Court found that a significant number of investors purchased Twitter common stock during the Class Period (February 6, 2015, through July 28, 2015, inclusive) and that the claims asserted in the lawsuit are common enough to apply to all of those investors.
You may have legal rights and options to exercise before the Court decides who wins the case. Judge Jon S. Tigar of the United States District Court for the Northern District of California is overseeing this class action. The lawsuit is titled In re Twitter, Inc. Securities Litigation, No. 3:16-cv-05314-JST. More information about why the Court is allowing this lawsuit to proceed as a class action is contained in the Court’s Order Granting Class Certification, Appointment of Class Representatives, and Approval of Class Counsel, which is available here.
To view a copy of the Notice, click here.Back To Top
A class action is a type of lawsuit in which one or several individuals or entities prosecute claims on behalf of all members of a group of similarly situated persons and entities (i.e., the class) to obtain monetary or other relief for the entire group. Class actions avoid the necessity of each member of a class having to file his, her, or its own separate lawsuit to obtain relief.Back To Top
The Complaint alleges that Defendants knowingly concealed and made false statements about the Company’s key operating metrics during the Class Period, allegedly in violation of the Securities Exchange Act of 1934. The Complaint further alleges that the omissions and false and misleading statements artificially inflated the price of Twitter’s common stock and that, when Defendants disclosed the true facts, Twitter’s stock price dropped. The Complaint can be found here.Back To Top
The Court certified the Class as being all persons and entities that, during the period from February 6, 2015, through July 28, 2015, inclusive, purchased or otherwise acquired shares of the publicly traded common stock of Twitter, Inc. and were damaged thereby.
There are some individuals and entities that are excluded from the Class by definition.
Excluded from the Class are:
Additionally, any person or entity that timely and validly requests exclusion, as explained in the Notice, will be excluded from the Class.
If you are still not sure whether you are included, you can call 1-888-510-9590 for more information.Back To Top
The Court has not decided the claims and there has been no monetary recovery.
If a settlement of the lawsuit is reached, it will be subject to approval by the Court. Class Members will be sent additional notice of any proposed settlement and members of the Class who have not excluded themselves will have an opportunity to object to the proposed settlement, and will be required to submit a Proof of Claim form to demonstrate their entitlement to any payment, if applicable. Similarly, the Court also may direct further notice to the Class following any judgment that may be entered after the trial of this case, or for any other reason that the Court may determine.Back To Top
No money or any other benefits are available now because the Court has not yet decided whether Defendants did anything wrong, and the two sides have not settled the case. There is no guarantee that money or any other benefit ever will be obtained. If there is a recovery, you will be notified about how to ask for your share.Back To Top
If you do nothing and are a Class Member, you will be legally bound by all of the orders the Court issues and judgments the Court makes in this class action, unless the Court issues an order de-certifying the Class or excluding you from the Class at a later date. You do not have to do anything now (other than retain your records in Twitter common stock, as detailed below) if you want to keep the possibility of obtaining money or any other benefits from this lawsuit. By doing nothing you are staying in the Class. If you stay in the Class and Co-Class Representatives obtain money or any other benefit, either as a result of a court ruling or a settlement, you will be notified about how to apply for your share. Keep in mind that if you do nothing now, regardless of whether Co-Class Representatives win or lose the case, you will not be able to sue Defendants—as part of any other lawsuit—regarding the same factual circumstances and legal claims that are the subject of this lawsuit.
If you choose to remain a member of the Class, you do not need to do anything at this time other than to retain documentation of your transactions in Twitter common stock. Should there be a recovery in the future, members of the Class will be required to support their requests to participate in the distribution of any such recovery by demonstrating their membership in the Class and documenting their purchases and sales of Twitter common stock and their resulting damages. For this reason, please be sure to keep all records of your transactions in Twitter common stock.Back To Top
If you want to pursue your own lawsuit or claims against Defendants about the conduct in this case, do not want to be bound by what the Court does in this case, or if you simply do not want to be part of the Class pursuing claims against Defendants, you must ask to be excluded from the Class.
If you exclude yourself from the Class—which means to remove yourself from the Class and is sometimes called “opting-out” of the Class—you will not be legally bound by any past, present, or future Court orders or judgments in this Action, and will keep any right you may have to individually sue Defendants in the future. However, if you exclude yourself, you also will not get any money or any other benefits from this lawsuit, if there are any.
If you start your own lawsuit against Defendants after you exclude yourself, you may have to hire and pay your own lawyer for that lawsuit, and you will have to prove your claims. If you do exclude yourself so you can start or continue your own lawsuit against Defendants, you should talk to your own lawyer soon, because your claims may be limited by time and subject to a statute barring your claims for lack of timeliness.Back To Top
If you wish to be excluded from the Class (“opt-out”), you must submit a letter stating that you “request exclusion from the Class in In re Twitter, Inc. Securities Litigation, No. 3:16-cv-05314-JST.”
Your request for exclusion also must:
You must mail your exclusion request by first class mail, postmarked no later than May 23, 2019 to:
In re Twitter, Inc. Securities Litigation
P.O. Box 6389
Portland, OR 97228-6389
You cannot exclude yourself from the Class by telephone or by email, and a request for exclusion will not be effective unless it contains all the information called for by this paragraph and is postmarked or submitted by the date stated above, or is otherwise accepted by the Court.
Only request exclusion if you do not wish to participate in the Action and do not wish to share in any potential recovery that the Class may obtain.Back To Top
As a member of the Class, you will be represented by the law firms of Motley Rice LLC and Robbins Geller Rudman & Dowd LLP. Together, these firms are called “Co-Class Counsel”.
Daniel S. Drosman
Scott H. Saham
ROBBINS GELLER RUDMAN & DOWD LLP
655 West Broadway
San Diego, CA 92101
Gregg S. Levin
Meghan S.B. Oliver
MOTLEY RICE LLC
28 Bridgeside Blvd.
Mt. Pleasant, SC 29464
Unless you hire your own personal lawyer, as a Class Member you will not have any direct obligations to pay the costs of this lawsuit. In the event there is a recovery by the Class, all costs and expenses, including Co-Class Counsel’s attorneys’ fees, will be paid from that recovery in an amount that is approved by the Court. If there is no recovery, Co-Class Counsel will not receive any attorneys’ fees or expenses.Back To Top
The CUSIP for the Class Period is 90184L102. The ticker symbol from February 6, 2015 through July 28, 2015 was TWTR.Back To Top
If this Notice was mailed to you at an old address, or if you move, please advise the Administrator of your current address so that you can receive any future notices and/or Proof of Claim forms. If you are not a member of the Class, you may discard the Notice.Back To Top