Twitter Investors' Securities Fraud Suit Gets Axed, For Now
Law360 (December 10, 2020, 6:36 PM EST) -- A California federal judge dismissed a proposed securities class action Thursday that accused Twitter of issuing misleading statements about its targeted advertising feature, but allowed the shareholders a chance to amend their complaint.
In a 27-page opinion, U.S. District Judge Yvonne Gonzalez Rogers found that Twitter's statements related to an advertising software glitch and its revenue projections were not misleading because they were not rooted in fact.
"Because these statements constitute puffery ... and do not contradict any alleged facts, the court finds these statements are not actionable," the opinion said.
Judge Rogers' decision to dismiss the suit is the latest development...
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