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Elon Musk Sued By Second Group of Twitter Shareholders

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Another class-action lawsuit by Twitter shareholders was brought against Elon Musk on Wednesday, claiming he broke corporate laws that destabilized Twitter’s stock price. …
Another class-action lawsuit by Twitter shareholders was brought against Elon Musk on Wednesday, claiming he broke corporate laws that destabilized Twitter’s stock price. The new suit is similar to a previous class-action lawsuit proposed in April in New York by a Twitter shareholder. Both cases allege the Tesla and SpaceX CEO delayed disclosing his purchase of a 5% stake in Twitter stock in mid-March. While the April lawsuit accuses Musk of violating the US Securities and Exchange Commission’s regulations, which would require him to disclose within 10 days, the suit filed Wednesday claims the same disclosure failure is a violation of California corporate law.

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