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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInShort-Seller Citron Deletes All Its Old Tweets, Citing Trolls and Lawsuits – Bloomberg
Citron Research has deleted all of its old tweets after spending too much time dealing with class-action attorneys and Internet trolls because of them, founder Andrew Left said on Tuesday. Left, best-known for short positions on Tesla Inc., GameStop Corp. and China Evergrande Group, told Bloomberg by telephone that he was getting “so many” subpoenas […]
Oh Elon – Bloomberg
Remember last year when Elon Musk was going around pretending that Twitter Inc. was doing a whole assortment of fraud, hoping that some of it would stick so that he could get out of his deal to buy Twitter? That was annoying. It did not go well, for him, and he eventually dropped it and […]
Elon Musk Is Busy With Twitter – Bloomberg
The basic problem with Musk’s efforts to walk away from his deal to buy Twitter — beyond the transparent nonsense of his actual arguments — was that if he could walk away from this deal then no merger agreement would be binding; every buyer could change their mind and go to court and say “meh, contracts, they don’t matter.” […]
Elon Musk Ousts Twitter Board, Named Sole Director – WSJ
The board that oversaw Twitter Inc. during its tumultuous sale to Elon Musk has been dissolved, with the Tesla Inc. chief now serving as the social-media company’s sole director. Twitter said in a securities filing Monday that the nine members of its former board are no longer directors as of the consummation of the $44 […]
Oh Elon – Bloomberg
Well, look, it is a weird feature of US securities law that shareholders regularly sue companies for misleading them, and those companies regularly settle those lawsuits, and the companies pay money to the shareholders, but the money comes from the shareholders. The money belongs to the shareholders, so paying it out as damages seems counterproductive. I suppose there […]
Elon Musk Has Three Weeks to Change His Mind – Bloomberg
The deep point of the stay in this case is to make the litigators go away. They have been punching each other in the face for months, because that is their job and because they enjoy it, but now they have to stop, so the deal lawyers can come back and actually close the deal. If […]
Elon Musk Sued by Investor Over Manipulate Twitter Stock Price – Bloomberg
Elon Musk was sued by a Twitter Inc. investor who says the world’s richest person’s on-again off-again purchase of the social-media platform and his public attacks on the company were designed to manipulate its stock price. Giuseppe Pampena says that when Musk agreed last week to go ahead with his purchase of Twitter, at the […]
Elon’s Back – Bloomberg
Why? Why would you spend this much time and money trying to get out of the deal, and be this annoying about it, and then just unconditionally surrender two weeks before trial? One possibility is that it became increasingly obvious to Musk that he was going to lose the trial, and that didn’t seem fun, so he […]
Elon Musk Is Back to Square One With Twitter – Bloomberg
It’s been 174 days since Elon Musk announced his offer to snag Twitter for $54.20 a share, and ha ha ha we’re officially back to square one. In the midst of trying to solve the Russia-Ukraine war, the Tesla founder managed to take some time out of his busy schedule to write a letter to […]
Elon Musk Proposes Closing Twitter Deal on Original Terms – WSJ
Elon Musk has offered to close his $44 billion deal to buy Twitter Inc. on the terms he originally agreed to, according to a person familiar with the matter, an unexpected twist that could allow the two sides to avert a high-stakes trial set to begin soon. The billionaire’s lawyers communicated the proposal to Twitter’s […]