Securities Claims Against Tech Company Over Misleading Tweet Dismissed

Mealey's (October 7, 2022, 7:41 AM EDT) -- SAN FRANCISCO — A federal judge in California dismissed shareholder class claims brought against a technology company and two of its senior executives alleging that the defendants violated federal securities laws by posting a tweet on the company’s official Twitter account stating that the company’s reviews for the second quarter of 2022 were better than they actually were, ruling that the shareholders’ claims do “not even come close to satisfying” the scienter requirement of the Private Securities Litigation Reform Act (PSLRA)....