Social networking company Twitter, Inc. (TWTR) said that it would pay $809.5 million to settle a 2016 lawsuit in which it was alleged that the company and other defendants misled investors on the user engagement numbers. Following the news, shares of the company fell 2.4% to close at $60.95 on Monday. The class-action lawsuit was filed in September 2016 in the United States District Court for the Northern District of California and was supposed to go on trial soon. In this case, Twitter’s former CEO Richard Costolo and others were accused of concealing facts about the site's slowing user growth while they sold their shares for profits.
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