A Twitter shareholder claims Twitter misled investors by giving them an estimated increase of user accounts and user engagement to 500m.
Almost two years of this expected increase, Twitter has 313m active users, not meeting to their expectations.The suit was filed on Friday in the central court in San Francisco. Twitter labours to prevent its users from considering other social media like Snapchat or Instagram.
Shareholder, Doris Shenwick claims Twitter executives failedto reach their agreed 550m monthly user growth prospect which was decided in November 2014. The company failed to deliver on time making it obvious that it has no plans. Twitter as at June 30 has 313m monthly active users with Snapchat, ahead of them with 50m.
The lawsuit seeks representatives for the stock holders who brought stocks between 6 February 2015 and 28. July 2015. Twitter officials didn’t respond to an email immediately concerning the stock holders case. Due to slow sales and stagnant development, Twitter decides to allow users watch live shows in order to get more users active. On the 17th of September, twitter made the first of the 10 live streams in a deal with the National Football League having 2.1m viewers. Twitter is hoping to be ahead of the expected 550m monthly users, looking forward to having a Billion monthly users.
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