Twitter Inc. (NYS:TWTR) announced Monday that it had entered an agreement to settle a class-action lawsuit that began in 2016. Twitter will pay $809.5 million to settle claims that it violated the Securities Exchange Act of 1934, though the company does so "without any admission, concession or finding of any fault, liability or wrongdoing," according to a press release. Twitter and the individual defendants named in the case "continue to deny any wrongdoing or any other improper actions," the release continued. Twitter plans to use cash on hand to pay for the settlement and expects to record a related charge during the third quarter. The company's final settlement agreement is subject to court approval, per the release. Shares of Twitter are down 2.3% in morning trading Monday. They're near flat over the past three months as the S&P 500 (S&P:SPX) has risen 4.8%.
Sept. 20, 2021, 9:33 a.m. EDT