Investors Denied Cert. In Suit Against Twitter Stock Fraudster

Law360 (September 3, 2019, 6:50 PM EDT) -- A group of investors was denied certification Tuesday in a suit against an imprisoned Twitter stock fraudster after a New York federal judge found that claims at the "absolute core" of the suit were too individualized to qualify for a class action.

Lead plaintiffs Steven Amerio and Andrew Goldberg say they lost $300,000 in Gregory W. Gray's scheme, in which the central New York businessman acquired fewer private Twitter Inc. shares ahead of its initial public offering than he told investors he would and scrambled to secure new money to pay them off.

U.S. District Judge David N. Hurd ruled Tuesday...

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