Twitter to pay $809.5M to settle securities suit
Suit alleged social-media company misled investors about user engagement in 2015
Twitter accused of enabling Taliban expansion
FOX Business’ Lydia Hu gives details on the Taliban’s use of Twitter.
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.
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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.
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Parler CEO on Twitter's hypocrisy: Middle Eastern-based groups seem to get 'free rein'
Parler CEO George Farmer says his company has no qualms about banning the Taliban, noting that other social media platforms have directly censored a sitting U.S. president, but decided not to censor terrorist groups based in the Middle East.
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.
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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.
Twitter allows Taliban spokesman to remain on its platform
Chief Washington correspondent Mike Emanuel reports to 'Fox Business Tonight' the latest.
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