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☆ Elon Musk must face fraud lawsuit for disclosing Twitter stake late
  + stars: | 2023-10-03 | by ( Jonathan Stempel | Cellino | Barnes Firms Battle Former Colleagues Over Fees | ) www.reuters.com   time to read: +2 min
The shareholders also said they sold Twitter shares at artificially low prices because Musk hid what he was doing. Carter said he could not infer that Musk was "too busy" to comply with SEC rules if he could find time to buy Twitter shares, meet with company executives, and post online about Twitter. Musk bought Twitter for $44 billion last October. Twitter shares rose 27% on April 4, 2022, to $49.97 from $39.31, after Musk revealed his 9.2% stake. The case is Oklahoma Firefighters Pension and Retirement System v. Musk et al, U.S. District Court, Southern District of New York, No.
Persons: Elon Musk, Chuck Schumer, Leah Millis, Andrew Carter, Musk, Carter, Katie Sinderson, Jonathan Stempel, Will Duham Organizations: Intelligence, Senate, U.S, Capitol, REUTERS, Twitter, District, U.S . Securities, Exchange, SEC, Oklahoma Firefighters, Court, Southern District of, Thomson Locations: Washington , U.S, U.S, Manhattan, Oklahoma, Southern District, Southern District of New York, New York
☆ Elon Musk seeks to end lawsuit over 'inadvertent' late disclosure of Twitter stake
  + stars: | 2023-01-31 | by ( Jonathan Stempel | Industry Insight | Upcoming Sec Climate Disclosure Rules Bring Urgency To Esg Data Strategy Planning | ) www.reuters.com   time to read: +2 min
NEW YORK, Jan 31 (Reuters) - Elon Musk asked a U.S. judge to throw out a lawsuit claiming that his delayed disclosure of a large stake in Twitter Inc defrauded shareholders who sold Twitter stock at artificially low prices because they were kept in the dark. Under the SEC rule, investors must disclose within 10 days when they have acquired 5% of a company, which for Musk's Twitter investment would have been last March 24. Twitter shares rose 27% on April 4, to $49.97 from $39.31, after Musk disclosed his 9.2% stake, which investors viewed as his vote of confidence in San Francisco-based Twitter. The case is Oklahoma Firefighters Pension and Retirement System v Musk et al, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
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