In re Twitter Inc. Securities Litigation, No. 3:16-cv-05314 (N.D. Cal.) (misrepresentations regarding Twitter’s growth prospects and metrics)

Sturman LLC represented the class and its European institutional investor lead plaintiff in a securities fraud class action against Twitter, Inc. following the revelation that the social media network had made false and misleading representations about its daily user growth in 2014 and 2015, including that the number of users was expected to grow to more than half a billion in the intermediate term, and would reach more than a billion users long term. When the company refused to provide new, more accurate metrics regarding its user growth prospects, and it was later revealed that those projections were overstatements, the company’s price per share drastically declined. Sturman LLC secured a settlement resolving the action for $809.5 million shortly before trial was set to begin on September 20, 2021. The settlement is one of the 20 largest securities fraud settlements of all time, the largest ever obtained in the U.S. 9th Judicial Circuit, and the highest in 2022.