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

© Reuters. FILE PHOTO: A Twitter emblem 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 consumer engagement numbers.

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

The micro-blogging website expects to pay the settlement quantity with money available, it mentioned, including that the quantity could be paid within the fourth quarter of this 12 months.

Twitter additionally mentioned it expects to report a cost for this settlement throughout the third quarter.

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

The case commenced in 2016 in the US District Courtroom for the Northern District of California.

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