Twitter seeks to settle 2016 class action lawsuit for $800 million [Reuters]
Twitter, Inc. (TWTR)
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Source: Reuters
(Reuters) -Twitter Inc said on Monday it would pay $809.5 million to settle a shareholder class action lawsuit from 2016 that alleged the company misled investors about its daily and monthly user engagement numbers. The individual defendants and Twitter continue to deny any wrongdoing or any other improper actions, the company said in a regulatory filing. The micro-blogging site expects to pay the settlement amount with cash on hand, it said, adding that the amount would be paid in the fourth quarter of this year. Twitter also said it expects to record a charge for this settlement during the third quarter. Twitter was not immediately available to comment on more details about the lawsuit. The case commenced in 2016 in the United States District Court for the Northern District of California. Reporting by Nivedita Balu in Bengaluru; Editing by Saumyadeb Chakrabarty
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