Twitter was sued for $124 million by two companies claiming the social media darling fraudulently had them organize a private sale of its shares to stoke investor interest for an initial public offering then canceled it. In a lawsuit filed in U.S. District Court in Manhattan, Precedo Capital Group Inc and Continental Advisors SA accused Twitter of using the aborted sale as a way to give the money-losing company a $10 billion market valuation and higher IPO price.
- Read the article: Reuters
