All articles tagged with #securities lawsuit
A California federal jury ruled that Elon Musk misled Twitter shareholders with two May 2022 tweets during the $44 billion takeover, contributing to a drop in Twitter’s stock; the verdict could expose him to billions in damages (plaintiffs estimate about $2.6B), though he was cleared on some fraud claims; Musk plans to appeal; Twitter was acquired in 2022, later renamed X, and merged with his AI startup xAI and SpaceX.
Elon Musk testified in a San Francisco jury trial to defend himself against claims he misled investors and used tactics to back out of his $44 billion Twitter takeover, arguing the deal warranted renegotiation and that Twitter overstated bot figures; he described heated exchanges with Twitter’s board and said he pursued the deal after his lawyers warned a Delaware judge might rule against him, a decision he framed as a windfall for shareholders even as Twitter stock fell during the dispute.
A civil securities case over Twitter's 2022 deal heads to trial after Musk’s lawyers struggled to find impartial jurors, excusing 38 of 92 potential jurors and ultimately seating nine. Plaintiffs, former Twitter investors, allege Musk misled investors about bot/data details to influence the stock price; Judge Charles Breyer oversaw the voir dire and set a March 2 start, including a pretrial ban on mentioning Musk’s politics outside of 2022.
South Korean e-commerce giant Coupang faces a U.S. securities class action lawsuit alleging it misled investors about its data security practices and failed to disclose a major data breach that exposed personal information of over 33 million customers, potentially violating securities laws and prompting investigations.