A Twitter shareholder is suing Elon Musk for failing to disclose that he had bought a substantial stake in the company, affecting share prices.
However, federal trade laws require that investors notify the Securities and Exchange Commission after surpassing a 5% stake in a company within 10 days. Musk acquired his shares on 14 March but did not make that public until 4 April. Filed in a New York federal court on Tuesday, the suit seeks class action status on behalf of investors who sold Twitter stock during that time and lost out on gains they would have realized had Musk disclosed his stake earlier.
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