Twitter to pay $809m to settle shareholder lawsuit

San Francisco, September 21

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Twitter said on Monday it will pay $809.5 million to settle a lawsuit alleging that the company misled investors about how much its user base was growing and how much users interacted with its platform. The company said the proposed settlement resolves all claims against it without Twitter admitting any wrongdoing.

The original lawsuit filed in 2016 by Twitter investor Doris Shenwick claimed that Twitter executives “knowingly made inaccurate public statements regarding these metrics, and failed to disclose internal information about them, resulting in an inflated share price that fell when the truth about user engagement became known.” — AP