Twitter Inc. said it agreed to pay more than $800 million to settle a consolidated class-action securities lawsuit alleging the social-media company deliberately misled investors about user engagement in 2015.
The San Francisco company on Monday said the proposed settlement would resolve all claims against Twitter and the other named defendants without any admission, concession or finding of any fault, liability or wrongdoing.
The shareholder action claimed Twitter misled investors about two closely tracked metrics: monthly active users, a measure of the total number of users on its platform; and timeline views, a measure of how frequently users interacted with the platform.
Twitter said it would pay $809.5 million under the binding agreement to settle claims alleging securities law violations, adding that it continues to deny any wrongdoing or improper actions.
The company said it would use cash on hand to fund the settlement, which is subject to court approval, and that it expects to record a charge in the third quarter.
To read more from The Wall Street Journal, click here.