Tuesday, 06 March 2018 08:10 AM
NEW YORK, NY / ACCESSWIRE / March 6, 2018 / Facebook settles IPO lawsuit for $35 million while Twitter loses most of its investment in streaming music provider SoundCloud. Both stocks closed in the green on Monday.
RDI Initiates Coverage on:
Facebook, Inc.
https://rdinvesting.com/news/?ticker=FB
Twitter, Inc.
https://rdinvesting.com/news/?ticker=TWTR
Facebook, Inc. shares closed up 2.14% on a little over 16 million shares traded on Monday. It was at the end of last month that it was revealed that the social networking giant and its CEO Mark Zuckerberg have reached a $35 million settlement over a lawsuit regarding its 2012 IPO. A class-action litigation accused the company of hiding worries about the company's growth before its May 2012 initial public offering. The Arkansas Teacher Retirement System as well as the Fresno County Employees' Retirement Association in California led shareholders in the lawsuit that accused Facebook of concealing internal concerns about whether growth in mobile devices could reduce revenue and that it warned its banks quietly to cut their forecasts. The settlement was filed last Monday in the federal court in Manhattan and won preliminary approval from Robert Sweet, a U.S. District Judge. "Resolving this case is in the best interests of the company and our shareholders," Associate General Counsel Sandeep Solanki remarked.
Access RDI's Facebook, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=FB
Twitter, Inc. shares closed up 4.79% yesterday on nearly 35 million shares traded. The stock came just a nickel shy of its 52-week high during intra-day trading. According to a Variety report that cited Twitter's regulatory filing, it seems the company may have lost all of what it invested into SoundCloud, a streaming music provider. The social network wrote off $66.4 million of its $70 million investment. It was also recently that the company's CEO Jack Dorsey tweeted, "We have witnessed abuse, harassment, troll armies, manipulation through bots and human-coordination, misinformation campaigns, and increasingly divisive echo chambers. We aren't proud of how people have taken advantage of our service, or our inability to address it fast enough."
Access RDI's Twitter, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=TWTR
Our Actionable Research on Facebook, Inc. (NASDAQ: FB) and Twitter, Inc. (NYSE: TWTR) can be downloaded free of charge at Research Driven Investing.
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