Twitter said Monday it will pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors about how much its user base was growing and how much users interacted with its platformSAN FRANCISCO -- Twitter said Monday it will pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors about how much its user base was growing and how much users interacted with its platform. The company said it plans to use cash on hand to pay the settlement in the fourth quarter of 2021. According to the lawsuit, in 2014 Twitter executives said that the site's monthly average user base was expected to increase significantly to “to over 550 million" in the intermediate term and “over a billion" over the longer term. In 2019, Twitter stopped reporting monthly user figures. And in 2017, Twitter said it had been overstating its monthly user numbers by mistake because it was including users of a third-party app it should not have.

Source: ABC News September 20, 2021 18:33 UTC