Twitter to pay $809 mn to settle shareholder lawsuit

Twitter said it would pay $809.5 million to settle a shareholder class action lawsuit from 2016 that alleged the company misled investors about its user numbers.
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The individual defendants and Twitter continue to deny any wrongdoing or any other improper actions, Twitter said in a regulatory filing.

The micro-blogging site expects to pay the settlement amount with cash on hand. Twitter would pay the amount in the fourth quarter of this year.

Twitter also said it expects to record a charge for this settlement during the third quarter.

The case commenced in 2016 in the United States District Court for the Northern District of California. Twitter was not immediately available to comment on more details about the lawsuit.