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Twitter Investor Says Brass Lied About User Growth

Law360, New York (November 7, 2016, 3:37 PM EST) -- A Twitter investor has hit the social media giant with a derivative suit in California federal court, claiming its top brass caused $9.5 billion in losses by misleading investors about user engagement and growth.

Shareholder Ernesto Espinoza on Friday accused current Twitter CEO Jack Dorsey, former CEO Dick Costolo and others of issuing statements that covered up the fact that by early 2015, Twitter’s addition of new users and engagement with current users was flat or declining. When the truth emerged on two separate occasions, the...
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Case Information

Case Title

Espinoza v. Dorsey et al


Case Number

3:16-cv-06457

Court

California Northern

Nature of Suit

Stockholders Suits

Judge

William H. Orrick

Date Filed

November 4, 2016

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