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Well, it’s about time that someone said something about twitter, even snapchat from nowhere is now balling in the popular kids table! One of Twitter’s shareholder Doris Shenwick has filed a lawsuit against the company for allegedly misleading investors about its growth projections and failing to meet its self-imposed target of 550 million active users.
Yes, Twitter promised the investors that they’d increase the monthly user base to 550 million in the “intermediate” term and over one billion in the “longer” term, but that never happened, this caused the stock to drop 60% off Twitter’s stock value since April 2015.
Now Doris wants Twitter to pay for being deceitful.
It’s unclear how much stock Doris own, or the gravity of this lawsuit, but Twitter declined to comment.
Source: Bloomberg via Gizmodo