NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class actions have been initiated on behalf of shareholders of Twitter, Inc. (NYSE: TWTR). ), and Compass Minerals International, Inc. (NYSE: CMP). Shareholders have until the deadlines below to ask the court to act as lead plaintiff. More information on each case can be found at the link provided.
Twitter, Inc. (NYSE: TWTR)
Class period: May 13, 2022 – October 4, 2022
Lead Plaintiff Deadline: December 12, 2022
On May 13, 2022, Elon Musk tweeted that a merger with Twitter was “temporarily on hold”. Three separate notices terminating the merger between July 8, 2022 and September 9, 2022 falsely claimed that Twitter violated the terms of the merger agreement by not providing Musk with Spam documents.
On October 4, 2022, less than two weeks before he was sentenced in Delaware for the merger, Musk declared that he would proceed with the Twitter purchase at the original price of $54.20, abandoning his previous positions and surrendering to Twitter. The announcement shocked the stock market and caused Twitter’s stock price to rise by 22%. Twitter stock and bondholders who sold their Twitter stock earlier in the year based on Musk’s false statements were harmed by selling at prices artificially depressed by Musk’s false statements.
The lawsuit alleges that Musk violated Section 10(b) of the Securities Exchange Act of 1934 by issuing false statements about his purchase of Twitter, Inc., including termination notices that falsely claimed that Twitter violated terms of the merger agreement and that Material. An Adverse Event (“MAE”) has occurred. The complaint alleges that Musk’s statements were false because Musk was not entitled to due diligence and in fact waived due diligence; Musk was well aware of the problem of bots and spam on Twitter, and there were no legally justifiable reasons for Musk to terminate the Merger.
For more information about the Twitter class action go to: https://bespc.com/cases/TWTR
Compass Minerals International, Inc. (NWSE: CMP)
Class period: October 31, 2017 – November 18, 2018
Lead Plaintiff Deadline: December 20, 2022
Compass Minerals mines and produces essential minerals, including salt for winter road safety and other consumer, industrial and agricultural uses, and specialty plant nutrient minerals that improve the quality and yield of crops. During the Class Period, Compass Minerals operated three business segments: the Salt segment, the Plant Nutrition North America segment, and the Plant Nutrition South America segment. Within the Salt segment, Compass Minerals operated the world’s largest underground rock salt mine in Goderich, Ontario, Canada, which Compass Minerals routinely hailed as the “crown jewel” of its asset portfolio. Before the start of the Class Period, defendants announced that Compass Minerals had invested in upgrades to the mining system at Goderich, from drill-and-blast to continuous mining and continuous haulage (“CMCH”), primarily to reduce costs. and improve profitability.
The Compass Minerals lawsuit alleges that defendants during the Class Period repeatedly assured investors that the CMCH upgrade at the Goderich mine was on track to materially reduce costs and boost Compass Minerals’ operating results beginning in 2018. However, defendants’ statements were misleading because they failed to tell investors that costs at the Goderich mine had increased rather than decreased. The Compass Materials class action lawsuit further alleges that defendants also misrepresented the amount of salt Compass Minerals could produce at Goderich using the new CMCH equipment and failed to disclose how the known and ongoing production shortfalls it experienced could reasonably be expected to reduce its future. operating income.
On February 13, 2018, Compass Minerals announced its financial results for the fourth quarter of fiscal 2017. On the following day, Compass Minerals held an earnings call for analysts and investors to discuss the fourth quarter results.
On this news, the stock price of Compass Minerals fell by more than 9% over the next two trading days.
Then, on August 7, 2018, Compass Minerals announced its second quarter fiscal 2018 results, attributing the decline in Salt operating income to various cost overruns unrelated to the CMCH transition.
On this news, the price of Compass Minerals shares decreased by 4.3%.
Then, on October 23, 2018, Compass Minerals pre-announced third quarter 2018 financial results that were significantly below expectations and lowered its outlook for the rest of the year.
On this news, Compass Minerals’ stock price fell by more than 30% over the next two trading days.
Finally, on November 19, 2018, Compass Energy announced the sudden termination of its CEO, defendant Francis J. Malecha.
On this news, Compass Minerals stock price fell another 8% over the next three days, further hurting investors.
For more information about the Compass class action go to: https://bespc.com/cases/CMP
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.