“Elon Musk has been sued by a Twitter shareholder who alleges the Tesla CEO delayed disclosing his stake within the social media firm so he may purchase extra shares at decrease costs.
The swimsuit, filed in Manhattan federal courtroom on Tuesday, claimed Musk violated securities legal guidelines by not revealing by March 24 that he had gathered a stake of no less than 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 Change Fee till April 4, after he had boosted his place to greater than 9%.
Twitter shareholder Marc Bain Rasella filed the lawsuit in opposition to Musk. He’s in search of to have the lawsuit licensed as a category motion for shareholders who bought Twitter inventory between March 24 and April 1.”
https://www.barrons.com/articles/elon-musk-sued-twitter-stock-lawsuit-51649837139?siteid=yhoof2
