Home Business Twitter seeks to settle 2016 class motion lawsuit for $800 million By...

Twitter seeks to settle 2016 class motion lawsuit for $800 million By Reuters

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© Reuters. FILE PHOTO: A Twitter brand is seen exterior the corporate headquarters in San Francisco, California, U.S., January 11, 2021. REUTERS/Stephen Lam

(Reuters) -Twitter Inc mentioned on Monday it might pay $809.5 million to settle a shareholder class motion lawsuit from 2016 that alleged the corporate misled traders about its every day and month-to-month person engagement numbers.

The person defendants and Twitter (NYSE:) proceed to disclaim any wrongdoing or every other improper actions, the corporate mentioned in a regulatory submitting.

The micro-blogging web site expects to pay the settlement quantity with money readily available, it mentioned, including that the quantity could be paid within the fourth quarter of this yr.

Twitter additionally mentioned it expects to document a cost for this settlement through the third quarter.

Twitter was not instantly obtainable to touch upon extra particulars concerning the lawsuit.

The case commenced in 2016 in the USA District Court docket for the Northern District of California.

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