Twitter to Pay Over $800 Million to Settle 2016 Lawsuit

Twitter (NASDAQ: TWTR) announced today it would seek to close a class action lawsuit from 2016 for $809.5 million, the company said in a press release.

The lawsuit alleged that TWTR misled investors about the number of daily and monthly users active on the platform. Despite agreeing to settle the lawsuit, Twitter denied all wrongdoings.

“The proposed settlement resolves all claims asserted against Twitter and the other named defendants without any admission, concession or finding of any fault, liability or wrongdoing by the Company or any defendant,” Twitter said in a statement.

The company will pay the amount in cash in the fourth quarter of this year, which will also impact Q3 finances.

Shares of Twitter are down almost 4% today.

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