The Court directed that the Notice be mailed to you because you or someone in your family or an investment account for which you serve as a custodian may have purchased or acquired Twitter common stock during the Class Period. The Court has directed us to send you the Notice because, as a potential Class Member, you have a right to know about your options before the Court rules on the proposed Settlement and the Agreement.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 Class Representatives allege that during the period between February 5, 2015, and July 28, 2015, inclusive, Defendants made misrepresentations and omissions about Twitter’s prospects for increasing user growth and engagement. In particular, they alleged that Defendants misled investors between February 5, 2015, and July 28, 2015, by making public statements that did not reflect the actual state of Twitter’s user engagement and user growth, which they contended was relevant to evaluating Twitter’s potential user growth and financial performance. The Complaint can be found here.Back To Top
You are a member of the Class if you, 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 requested exclusion, as explained in the Notice, is 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 Settlement provides a substantial benefit to the Class, namely $809,500,000 in cash (less the various deductions described in the Notice), as compared to the risk that the claims in the Litigation would produce a smaller, or no, recovery after trial, a second damages phase, and appeals, possibly years in the future.Back To Top
If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and the Agreement and you will be bound by any judgments or orders entered by the Court in the Litigation.Back To Top
On July 17, 2018, the Court certified the Class in this case. On April 2, 2019, the Court-ordered notice was disseminated to potential Class Members. That notice required Class Members seeking exclusion to make a formal request to the Court postmarked or submitted online no later than May 23, 2019. There is no further opportunity to exclude yourself from this Settlement.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”.
Ellen Gusikoff Stewart, Esq
ROBBINS GELLER RUDMAN & DOWD LLP
655 West Broadway, Suite 1900
San Diego, CA 92101
Gregg S. Levin, Esq
Lance V. Oliver, Esq
Max N. Gruetzmacher, Esq
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. All costs and expenses, including Class Counsel’s attorneys’ fees, will be paid from the recovery in an amount that is approved by the Court.
You do not need to hire your own lawyer because Co-Class Counsel is working on your behalf. However, you have the right to retain your own personal counsel at your own expense.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 the Notice was mailed to you at an old address, or if you move, please advise the Claims Administrator of your current address so that you can receive any future correspondence. If you are not a member of the Class, you may discard the Notice.Back To Top
For purposes of determining the amount a Claimant may recover under the Plan of Allocation, Co-Lead Counsel conferred with their damages expert. The Plan of Allocation reflects an assessment of the damages that Class Representatives’ damages expert estimates could have been recovered had the Class Representatives prevailed at trial. The Court may approve the Plan of Allocation as proposed or it may modify the Plan of Allocation. Any orders regarding a modification of the Plan of Allocation will be posted on this website when it is available.Back To Top
Each Person wishing to participate in the distribution of the Net Settlement Fund must timely submit a valid Proof of Claim Form ("Claim Form") establishing membership in the Class, and include all required documentation, postmarked or submitted online no later than November 23, 2022, to the address set forth in the Claim Form available here. The Claim Form may also be submitted online here. Read the instructions carefully, fill out the form, include all the documents the form asks for, sign it, and mail it postmarked or submitted online no later than November 23, 2022.
Unless the Court otherwise orders, any Class Member who fails to submit a Claim Form postmarked or submitted online no later than November 23, 2022, shall be fully and forever barred from receiving payments pursuant to the Settlement, but will in all other respects remain a Class Member and be subject to the provisions of the Stipulation and Settlement that is approved, including the terms of any judgment entered and releases given.
Persons that are excluded from the Class by definition or that excluded themselves from the Class will not be eligible to receive a distribution from the Net Settlement Fund and should not submit a Claim Form.Back To Top
Any Class Member may object to the Settlement, the Agreement, the proposed Plan of Allocation, or Class Counsel’s motion for an award of attorneys’ fees and litigation expenses. You may object to the proposed Settlement, the Agreement, the Plan of Allocation or the requested fees and expenses in writing by providing your full name, the basis for your belief that you are a member of the Class, the basis of your objection, and your signature. You may not ask the Court to order a larger settlement; the Court can only approve or deny the Settlement and/or the Agreement.
All written objections and supporting papers must:
If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Agreement, the Plan of Allocation, or Class Counsel’s motion for an award of attorneys’ fees and litigation expenses, and if you timely submit a written objection as described above, you must also file a notice of appearance with the Court by October 27, 2022. Persons who intend to object and desire to present evidence at the Settlement Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing. Such persons may be heard orally at the discretion of the Court.
The Settlement Hearing will be held virtually via Zoom. For instructions on how to access the Zoom Settlement Hearing, please click here.Back To Top
The Settlement Hearing will be held virtually on November 17, 2022, at 2:00 p.m. PST, by the Honorable Jon S. Tigar, United States District Court Judge. The Court reserves the right to approve the Settlement, the Agreement, the Plan of Allocation, Class Counsel’s motion for an award of attorneys’ fees and litigation expenses, and/or any other matter related to the Settlement and the Agreement at or after the Settlement Hearing without further notice to the members of the Class.
For instructions on how to access the Zoom Settlement Hearing, please click here.Back To Top
Yes, Stock acquired through Dividend Reinvestment are considered eligible purchases for this Settlement. When filling out the Claim Form, dividend reinvestment transactions can be listed in the Purchases/Acquisitions section.Back To Top
The Class Period for the Settlement is February 6, 2015 through July 28, 2015, inclusive.Back To Top
If you are a Class Member, your options are to submit a claim, object to the terms of the Settlement, the Plan of Allocation, and/or Class Counsel’s request for attorneys’ fees and litigation expenses, or to do nothing.
Specific instructions for submitting objections can be found in the Notice. Please read the Notice carefully. If you want to file a claim, a copy of the Claim Form was included with the Notice Packet you received, or you can download one here.Back To Top
Class Counsel have not received any payment for their services in pursuing claims against the Defendants on behalf of the Class, nor have Class Counsel been paid for their litigation expenses. Before final approval of the Settlement, Class Counsel will apply to the Court for an award of attorneys’ fees for all Class Representatives’ Counsel in an amount not to exceed 22.5% of the Settlement Fund, plus interest. At the same time, Class Counsel also intends to apply for payment of litigation expenses paid or incurred by Class Representatives’ Counsel in an amount not to exceed $4,000,000, plus interest, as well as an application for payment of the reasonable costs and expenses incurred by Class Representatives directly related to their representation of the Class in an amount not to exceed $40,000 in the aggregate. The Court will determine the amount of any award of attorneys’ fees or litigation expenses. Such sums must be approved by the Court, and if approved, will be paid from the Settlement Fund. Class Members are not personally liable for any such fees or expenses.Back To Top
If there were no Settlement and the Class Representatives failed to establish any essential legal or factual element of their claims, neither the Class Representatives nor the other members of the Class would recover anything from the Defendants. Also, if the Defendants were successful in proving any of their defenses, the members of the Class likely would recover substantially less than the amount provided in the Settlement, or nothing at all.Back To Top
If you are a member of the Class and you did not request exclusion prior to the May 23, 2019 deadline, you remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.Back To Top
Stock transferred into your account are only eligible if they were originally purchased during the Class Period. To make your Twitter shares eligible, you must provide documentation to show that the Twitter common stock received or transferred into your account were purchased during the Class Period.
The documentation must include the name of the owner of the account from whom you received the securities, the name of the broker through whom the security was traded, the original trade date, the original price per share, and the amount of shares. You should provide the original transaction information on your Claim Form.Back To Top
It is possible that you were mailed more than one claim package because you were identified as a potential Class Member by more than one entity who either provided us with your information or forwarded the claim package to you. If you do not need the additional form(s), you can simply disregard the other mailing(s).Back To Top
You will receive a claim acknowledgement postcard within sixty days after we receive your claim. If you do not receive a postcard, please call us back. Please note, your claim is not deemed filed until you receive the acknowledgement postcard. Please retain the originals of the documents you are submitting to demonstrate your purchases and sales of Twitter common stock, as well as a copy of the completed Claim Form.Back To Top