Twitter Acquisition Litigation

The purpose of the Notice of Verdict is to inform you of: (1) a jury verdict following a two-week federal securities fraud trial against Elon Musk; (2) the jury’s award of damages for shares and options transacted by Class Members between May 13, 2022 and October 4, 2022; and (3) your right to submit a Claim Form for damages if you are a Class Member.

In the case of Pampena v. Musk, Case No. 3:22-CV-05937-CRB (the “Litigation”), a trial began on March 2, 2026, in the United States District Court, Northern District of California, San Francisco Division. On March 20, 2026, the jury returned a verdict. The jury found that defendant Elon Musk violated the federal securities laws by making a false and misleading statement about his acquisition of Twitter and that Musk did so in violation of Section 10(b) of the Securities Exchange Act of 1934. As a result of this fraudulent conduct, the jury determined that Twitter’s stock price was artificially deflated between May 13, 2022, and October 4, 2022.

The jury verdict will result in the payment of damages, minus certain deductions described below, to eligible Class Members who file a timely and valid Claim Form (which accompanies the Notice of Verdict) and whose Claim Forms are approved. Class Members whose Claim Forms are approved will be entitled to receive their damages as calculated according to the Verdict and Plan of Allocation, plus interest, minus their proportionate share of any fees, expenses, and service awards awarded by the Court.

To recover damages, you must submit a valid Claim Form by November 24, 2026.

The Class is defined as follows:

All persons and entities who sold the publicly traded stock or call options, or purchased the put options, of Twitter, Inc. during the period from May 13, 2022 through October 4, 2022, both dates inclusive, and who suffered damages by Defendant’s violation of § 10(b) and of the Exchange Act.

Excluded from the Class are Elon Musk and any individuals who previously opted out of this Litigation.

Pursuant to the Jury Verdict, Class Members who file timely and valid Claim Forms that are approved are entitled to recover for their damages as calculated pursuant to the Verdict and Plan of Allocation. In accordance with the Private Securities Litigation Reform Act, damages will be calculated as follows:

For shares: Acquisitions and dispositions of Twitter shares will be matched on a FIFO (i.e., first-in-first-out) basis, as discussed below. For Class-Period dispositions that are matched with an acquisition before the start of the Class Period, the damages per share equal the deflation on the date of disposition; as there was no deflation at the time of acquisition, the deflation upon disposition represents the full damage. For Class-Period dispositions that are matched with a Class-Period acquisition, damages per share equal the deflation on the disposition date less the deflation on the acquisition date. For Class-Period dispositions that are matched with a post-Class-Period acquisition (e.g., short sales with a post-Class-Period covering purchase), damages per share equal the lesser of (1) the deflation on the disposition date, and (2) the average price between the end of the Class Period and the post-Class-Period purchase date, less the disposition price during the Class Period.

For call options: Acquisitions and dispositions of Twitter options will be matched on a FIFO basis, and the same formula used for shares will apply to each Twitter option series, though with each option series having its own daily deflation amount and its own post-Class-Period closing prices. In other words, damages per call option equal the deflation in the option price at the time of disposition, less any deflation in the option price at the time of acquisition. For purposes of this calculation, an exercise of a call option owned by a Class member will be treated as a disposition of that option at the exercise price, while the exercise of a call option against a Class member (i.e., the Class member has a short position in the option) will be treated as a covering acquisition of that option at the exercise price. Damages for a short position that was established in the Class Period and not closed out before the end of the Class Period will be limited by the PSLRA in the same manner as described for shares above.

For put options: Acquisitions and dispositions of put options will also be matched on a FIFO basis and the same formula used for shares will apply to each Twitter option series, though with each option series having its own daily inflation amount and its own post-Class-Period closing prices. In other words, damages per put option equal the inflation in the option price at the time of acquisition, less any inflation in the option price at the time of disposition. For purposes of this calculation, an exercise of a put option owned by a Class member will be treated as a disposition of that option at the exercise price, while the exercise of a put option against a Class member (i.e., the Class member has a short position in the option) will be treated as a covering acquisition of that option at the exercise price. Damages for a short position that was established in the Class Period and not closed out before the end of the Class Period will be limited by the PSLRA in the same manner as described for shares above.

The amount of the Class’s total recovery will be reduced by any amounts that may be awarded by the Court to Class Counsel and the Lead Plaintiffs for attorneys’ fees, service awards, and the expenses of bringing and prosecuting the Litigation.

If you submit a valid Claim Form, your payment will depend on a variety of factors including the number of shares sold and options purchased or sold and the corresponding damages awarded by the jury plus interest. However, any final award may be proportionally reduced to account for any attorneys’ fees, expenses, or service awards awarded by the Court.

Here is an example of how a valid claimant’s damages would be calculated:

If you purchased 1,000 Twitter shares any time before May 13, 2022, and sold those shares on May 18, 2022, your damages would equal $7940.00 (1,000 shares x $7.94, as awarded by the jury for May 18, 2022) plus interest (less any Court approved deductions).

Unless you previously requested to be excluded from the Class, you are bound by all decisions and judgments in the Litigation. You must submit a Claim Form to collect for any damages you suffered. You may do nothing at all and not submit a Claim Form. If you choose that option, you will not recover anything, but you are and will be bound by any judgments entered by the Court. You may not opt out of this Litigation at this time.

If you are a member of the Class, you may, but are not required to, enter an appearance through counsel of your own choosing at your own expense. If you do not do so, you will be represented by Class Counsel: Cotchett, Pitre & McCarthy LLP and Bottini & Bottini, Inc. Their contact information can be found here.

Class Counsel and the Lead Plaintiffs will make an application for fees and expenses following the claims process for Class Members. Class Counsel have not yet determined how much in fees and costs to seek, but the fees requested will not exceed 31% of the aggregate damages, plus interest, plus actual litigation expenses incurred (not including costs associated with the notice and claims process), which expenses not to exceed $5 million. Lead Plaintiffs Brian Belgrave, Nancy Price and John Garrett, who prosecuted the case on behalf of all Class Members, will seek a cumulative amount not to exceed $150,000 pursuant to 15 U.S.C. §78u-4(a)(4) (“service award”) in connection with their representation of the Class. Filings related to fees, expenses, and service awards, as well as the date of the hearing on fees, expenses, and service awards, will be posted on the website maintained by the claims administrator (www.TwitterAcquisitionLitigation.com) and on Class Counsel’s website (www.cpmlegal.com or www.bottinilaw.com). Class Members with valid claims can file objections to the proposed fees, service awards, or expenses up to 21 days before any hearing regarding these issues as set by the Court following the claims process. For more information on how to file an objection, please see the case website maintained by the Claims Administrator.

If, for the beneficial interest of any person or entity other than yourself, you sold the publicly traded common stock of Twitter or call options on Twitter stock, or purchased put options on Twitter stock, during the period from May 13, 2022, through October 4, 2022, both dates inclusive, you must either: (i) within ten (10) calendar days of receipt of the Notice of Verdict, request from the Administrator sufficient copies of a Notice Packet to forward to all such beneficial owners and mail them yourself; or (ii) within ten (10) calendar days of receipt of the Notice of Verdict, provide a list of the names and addresses of all such beneficial owners to the Administrator at:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
ATTN: CLAIMS
PO Box 3015
Portland, OR 97208-3015

If you choose the second option, the Claims Administrator will send a copy of the Notice Packet to the beneficial owners.

For more information, please read the Nominees page.

A copy of the Notice of Verdict may also be downloaded here and the Claim Form may be downloaded here.

To assist the Court and the parties in maintaining accurate lists of Class Members, you are requested to mail notice of any changes in your address to the following address:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
ATTN: CLAIMS
PO Box 3015
Portland, OR 97208-3015

If the Notice Packet was forwarded to you by the U.S. Postal Service, or if it was otherwise sent to you at an address that is not current, you should immediately contact the Claims Administrator, Epiq Systems, Inc., at the address above or at 1-888-863-8101 (toll-free) and provide them with your correct address. If the Claims Administrator does not have your correct address, you may not receive notice of important developments in this Action.

If you have questions regarding the Litigation, you may contact the Claims Administrator at the address or phone number below:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
ATTN: CLAIMS
PO Box 3015
Portland, OR 97208-3015

1-888-863-8101 (toll-free)

For more detailed statements of the matters involved in this Litigation, please see the pleadings and other papers filed with the Court. For the operative Complaint, Jury Verdict and other important filings please go to the Important Documents page of this website or contact Class Counsel. Court filings in the Litigation can also be examined and copied at any time on the Public Access to Court Electronic Records (PACER) website for a fee at https://ecf.cand.uscourts.gov, or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, 450 Golden Gate Avenue, San Francisco, CA 94102-3489 between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays.

PLEASE DO NOT CONTACT THE COURT OR THE COURT CLERK’S OFFICE TO INQUIRE ABOUT THIS NOTICE OF VERDICT OR THE CLAIM PROCESS.

Requests for the Notice Packet should be made to the Claims Administrator:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
ATTN: CLAIMS
PO Box 3015
Portland, OR 97208-3015

Inquiries, other than requests for the Notice, should be made to Class Counsel: