9th Circ. Won't Revive Investor Suit Over Twitter Ad Glitches

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By Sarah Jarvis (March 23, 2022, 10:06 PM EDT) — The Ninth Circuit on Wednesday upheld a lower court’s decision to toss a proposed investor class action brought against Twitter Inc. alleging the social media giant issued misleading statements about its targeted advertising feature, finding, on the contrary, the statements at issue were “qualified and factually true.”

Circuit Judge Kenneth K. Lee, writing the opinion for the panel, said co-lead plaintiffs the Weston Family Partnership LLLP and the so-called Twitter Investor Group, which consists of three individual investors, failed to state a claim under 10(b) of the Securities and Exchange Act. The panel rejected the investors’ suggestion that Twitter had a…

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