Twitter investors group appealed to the California court against the entrepreneur Ilon Mask, accusing him of manipulating the market in order to create favorable conditions for himself in the process of acquiring this company, reports that the claim was filed a day earlier San Francisco court.
“Investors believe that Musk saved $ 156 million, hiding the information that as of March 14 it owned more than 5% of Twitter shares,” the agency writes.
In addition, Musk announced too late that he owns a 5% stake in the company. Having postponed the required disclosure of information, Musk received financial benefits. The lawsuit said that Musk bought Twitter shares, possessing insider information about the company. He received it, the authors of the lawsuit, in private conversations with members of the board and the leaders of the social network. In particular, the plaintiffs are sure that checking the social network for the number of spam accounts has begun only to reduce the price of at least $ 11 billion or a complete rejection of the transaction unprofitable for the billionaire. Those who submitted the lawsuit insist that the court obliges the mask to compensate them for losses, the amount of which is not indicated, as well as pay a fine. In parallel, the investigation on the fact of untimely disclosure by the mask of data on the purchase of Twitter shares is carried out by the US Securities and Exchange Commission.