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

by Mike Robinson

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© Reuters. FILE PHOTO – A Twitter logo can be seen at the headquarters of Twitter in San Francisco (California), U.S.A, on January 11, 2021. REUTERS/Stephen Lam

(Reuters) -Twitter Inc said on Monday it would pay $809.5 million to settle a shareholder class action lawsuit from 2016 that alleged the company misled investors about its daily and monthly user engagement numbers.

According to a regulatory filing by Twitter, both the individuals and Twitter (NYSE 🙂 deny any wrongdoing.

It stated that it expects to settle the amount using cash available and would pay it in the fourth quarter.

Twitter said that the company expects to make a charge during third quarter for this settlement.

Twitter did not respond to requests for comment.

The lawsuit was brought to the attention of the United States District Court for Northern California in 2016.

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