NEW YORK, Nov. 18, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Twitter, Inc. ("Twitter" or the "Company") (NYSE: TWTR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Twitter and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 24, 2019, pre-market, Twitter disclosed its financial results for the quarter ended September 30, 2019 and conducted a conference call with investors. Twitter's revenue of $823.7 million was over 5% lower than analysts' estimate of $874.0 million. The Company attributed the revenue shortfall to weaker-than-expected advertising revenues. During the conference call, Jack Dorsey, Twitter's Chief Executive Officer, disclosed that software defects caused by changes that Twitter had implemented to user settings related to targeted advertising had negatively impacted the Company's third quarter financial results and that the negative effects on advertising revenue would continue through at least the fourth quarter of 2019.
On this news, Twitter's stock price fell $8.08 per share, or 20.81%, to close at $30.75 per share on October 24, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP