Twitter Shareholders File Suit Alleging Elon Musk's Conduct Deflated Twitter's Stock in Attempted Buyout of Company
Cotchett Pitre & McCarthy and Bottini & Bottini filed suit late yesterday in the United States District Court Northern District on behalf of Twitter shareholders against Elon Musk for manipulating the market for Twitter stock. After first agreeing to buy Twitter for $54.20 per share on April 25, 2022, Musk began denigrating Twitter and then trying to renegotiate the deal. Musk’s false statements and tweets have resulted in an $8 billion loss of market capitalization for Twitter shareholders, who are forced to go along for the ride and games.
Twitter’s shares have declined significantly as a direct result of Musk’s tweets and his invitation for the SEC to investigate Twitter. The lawsuit seeks remediation for the shareholders who suffered the harm done.