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Musk must face class action over late disclosure of Twitter stake: Court - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Musk must face class action over late disclosure of Twitter stake: Court Elon Musk D&O Apr 1, 2026 (Reuters) – A federal judge on Tuesday said former Twitter investors who accused Elon Musk of defrauding them by waiting too long to disclose his initial investment in the social media company may pursue their case as a class action. The decision by U.S. District Judge Andrew Carter in Manhattan exposes the world’s richest person to potentially greater damages than if investors were forced to sue individually. Lawyers for Mr. Musk did not immediately respond to requests for comment. Musk bought Twitter for $44 billion in October 2022 and renamed it X. Investors led by the Oklahoma Firefighters Pension and Retirement System said Mr. Musk ignored a March 24, 2022, deadline set by U.S. Securities and Exchange Commission rules to reveal he owned 5% of Twitter shares, and waited 11 more days before disclosing a 9.2% stake. The investors said Mr. Musk saved more than $200 million and cheated them because they sold Twitter shares at depressed prices during the 11-day period. Investors said they relied on two March 26, 2022, tweets in which Mr. Musk said he was “giving serious thought” to creating a Twitter rival and said “Haha that would be sickkk” after someone suggested he buy Twitter and change its bird logo to a doge image. In opposing class certification, Mr. Musk said investors could not prove they relied on his alleged fraud. But the judge said Mr. Musk did not overcome the presumption that his alleged misrepresentations affected Twitter’s share price, and that the investors relied on his silence. Judge Carter also said the inability to measure damages classwide did not mean a class could not be certified. The case is separate from a lawsuit in San Francisco federal court, where a jury found Mr. Musk liable on March 20 for trying to drive the takeover price down by questioning whether Twitter was overrun by fake and spam accounts, or bots. Damages have yet to be determined. Mr. Musk is expected to appeal. The SEC also sued Mr. Musk over his disclosure of his 5% Twitter stake. Both sides disclosed on March 17 that settlement talks were ongoing. Related News Best downgrades rating of Wisconsin municipal insurer April 1, 2026 Louisiana committee advances teacher safety bill April 1, 2026 Acrisure completes buy of Canopius MGA April 1, 2026 Aspen’s net income slips 30% April 1, 2026 April renewals extend softening in reinsurance market: Howden Re April 1, 2026 Iran backs renewed Houthi attacks in Red Sea April 1, 2026 Cyclone halts Chevron LNG output April 1, 2026 China Re’s net profit stumbles 8% April 1, 2026 Toyota reduces Middle East exports due to war April 1, 2026 Facebook-f X-twitter Linkedin-in Business Insurance is a singular, authoritative news and information source for executives focused upon risk management, risk transfer and risk financing. 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