Twitter has announced its intention to pay $809.5 million to settle a 2016 class-action lawsuit. The lawsuit accused Twitter of providing misleading information to investors. This settlement comes just as the case was about to go to trial. Consequently, on 20 September, US District Judge Jon Tigar in Oakland postponed jury selection until late November.
The agreement settles all claims against the defendants and is still subject to the court's approval. The terms of the contract and the settlement will also "not include or constitute an admission, concession, or finding of any fault, liability, or wrongdoing by the Company or any defendant" Twitter's SEC filing revealed.
The San Francisco-based company plans to use its existing cash at hand to pay the amount. The company will have...
