Elon Musk must face Twitter shareholders’ lawsuit over alleged securities fraud

Elon Musk's Twitter profile displayed on a computer screen and Twitter logo displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on April 9, 2022. A proposed class-action lawsuit against Elon Musk and his family office Excession can proceed in federal court, a judge ruled Friday, after the tech centi-billionaire sought to have the case dismissed. The case is Rasella v. Musk (Case No. 1:22-cv-03026-ALC-GWG) in the Southern District of New York. The lawsuit was brought by former Twitter shareholders who allege they lost money when the Tesla and SpaceX CEO was amassing a stake in the social network, but failed to disclose his purchases within a legally-mandated time frame. The Oklahoma Firefighters Pension and Retirement System and other plaintiffs in the suit complained that they had sold shares of then publicly-traded Twitter at "artificially deflated prices," while Musk obscured his own interest and stake in the company. Elon Musk and Jared Birch ... Read full article.