“Elon Musk has been sued by a Twitter shareholder who alleges the Tesla CEO delayed disclosing his stake in the social media company so he could buy more shares at lower prices.
The suit, filed in Manhattan federal court on Tuesday, claimed Musk violated securities laws by not revealing by March 24 that he had accumulated a stake of at least 5% in Twitter (ticker: TWTR). The lawsuit alleges that by March 14, Musk’s stake in Twitter had reached 5%, which required him to publicly disclose his stake 10 days later by March 24. Musk didn’t file the required disclosure with the Securities and Exchange Commission until April 4, after he had boosted his position to more than 9%.
Twitter shareholder Marc Bain Rasella filed the lawsuit against Musk. He is seeking to have the lawsuit certified as a class action for shareholders who sold Twitter stock between March 24 and April 1.”
https://www.barrons.com/articles/elon-musk-sued-twitter-stock-lawsuit-51649837139?siteid=yhoof2
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