US EditionElon Musk must face fraud lawsuit over disclosure of Twitter stake
- A judge ruled that a class-action lawsuit against Elon Musk can proceed in federal court regarding his Twitter stake disclosure.
- Former Twitter shareholders claim they lost money due to Musk failing to disclose his stake in Twitter on time.
- The plaintiffs allege they sold Twitter shares at artificially deflated prices because of Musk's lack of transparency.
- Judge Andrew L. Carter noted Musk's tweet on March 26, 2022, misdirected the public about his Twitter purchases.
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Judge rejects Elon Musk's bid to dismiss lawsuit over delayed Twitter investment disclosure
Plaintiffs led by the Oklahoma Firefighters Pension and Retirement System said Musk ignored an SEC deadline of March 24, 2022 to reveal he had bought 5% of Twitter shares, and waited 11 more days before revealing his 9.2% stake in an SEC filing
·Mumbai, India
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Elon Musk faces lawsuit for misleading Twitter shareholders over investment strategy that ‘saved him over $200 mn’
Elon Musk’s bid to dismiss a lawsuit for misleading Twitter shareholders was rejected by a US judge. The judge noted evidence of potential fraud due to Musk’s delayed disclosure of his investment, which allegedly cost shareholders significantly, while some claims were dismissed.
·New Delhi, India
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