Twitter announced Monday it will pay $809 million to settle a 2016 lawsuit alleging investors were misled about slowing user growth.
Members of the social network’s leadership, including founder Jack Dorsey, provided misleading information to investors about slowing user growth, according to the suit.
The suit claimed the defendants, such as former CEO Dick Costolo, did not disclose the full picture of the company’s state while they sold their personal shares in Twitter.
“The proposed settlement resolves all claims asserted against Twitter and the other named defendants without any admission, concession or finding of any fault, liability or wrongdoing,” the company said in a statement.
The final settlement agreement will be subject to court approval, and the company intends to pay in cash later this year, according to Twitter’s statement.
Net profit was $66 million on revenue that surged to $1.19 billion, beating Wall Street expectations