Helped obtain a $38 million cash contribution and significant corporate governance reforms for Twitter on allegations of false statements and insider trading.
The firm served as co-lead counsel on behalf of the federal shareholder plaintiffs in a shareholder derivative action that alleged defendants breached their fiduciary duties to Twitter and its stockholders by making materially false and/or misleading statements about Twitter’s user growth and user management prospects and that certain individual defendants profited on their inside information. After extensive litigation, including multiple mediations and months of settlement discussions, Robbins LLP’s attorneys were instrumental in obtaining a $38 million settlement to Twitter and substantial corporate governance reforms, including enhancements to the Disclosure and Audit Committees, the creation of an independent Chief Compliance Officer position, and improved compliance training and insider trading policies.
In re Twitter, Inc. S’holder Derivative Litig., No. 1:18-cv-00062-VAC-MPT (D. Del. July 27, 2021).