Robbins Geller Rudman & Dowd LLP, co-counsels Motley Rice LLC and Pomerantz LLP obtained a record-breaking $809 million settlement against Twitter, Inc. in a securities fraud class action.
The proposed settlement remains subject to court approval. If approved by the court, the proposed settlement would represent the largest securities fraud class action recovery in the last 20 years in the Ninth Circuit and the second-largest ever in that Circuit. Judge Jon S. Tigar, United States District Judge, of the U.S. District Court for the Northern District of California, is presiding over the case.
The case involved allegations that Twitter committed securities fraud by concealing stagnant user growth and declining user engagement from investors, causing its stock to trade at artificially inflated levels. The suit alleged that, when the truth was revealed, Twitter’s stock price dropped by 20%. No party has admitted wrongdoing or liability as part of this settlement.
Plaintiffs KBC Asset Management NV and National Elevator Industry Pension Fund brought this action to recover their investment losses and losses for the class of shareholders who purchased Twitter’s stock between February 6, 2015 and July 28, 2015.
The Robbins Geller team was led by Daniel Drosman (Picture) and included Tor Gronborg, Luke Olts, Maureen Mueller, J. Marco Janoski Gray, Heather Schlesier, and Christopher Kinnon.
The Motley Rice team was led by Lance Oliver and included Gregg Levin, Christopher Francis Moriarty, James Michael Hughes, Max Nikolaus Gruetzmacher, Meghan Shea Blaszak Oliver, Meredith B. Weatherby, Michael J Pendell and William H. Narwold.
The Pomerantz team consisted of Alexander Hood, II, Jennifer Pafiti (Picture), Jeremy Lieberman, Marc Gorrie and Patrick Dahlstrom.
Forensic Accountant Terry Koelbl also assisted in the prosecution of the case.
Involved fees earner: Max Gruetzmacher – Motley Rice; James Hughes – Motley Rice; Gregg Levin – Motley Rice; Christopher Moriarty – Motley Rice; William Narwold – Motley Rice; Lance Oliver – Motley Rice; Michael Pendell – Motley Rice; Meghan Oliver – Motley Rice; Meredith Weatherby – Motley Rice; Patrick Dahlstrom – Pomerantz LLP ; Marc Gorrie – Pomerantz LLP ; Alexander Hood II – Pomerantz LLP ; Jeremy Lieberman – Pomerantz LLP ; Jennifer Pafiti – Pomerantz LLP ; Daniel Drosman – Robbins Geller Rudman & Dowd; Marco Janoski Gray – Robbins Geller Rudman & Dowd; Tor Gronborg – Robbins Geller Rudman & Dowd; Christopher Kinnon – Robbins Geller Rudman & Dowd; Maureen Mueller – Robbins Geller Rudman & Dowd; Lucas Olts – Robbins Geller Rudman & Dowd; Heather Schlesier – Robbins Geller Rudman & Dowd;