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Twitter hit with $124 million lawsuit over private stock sale

A person holds a magnifying glass over a computer screen displaying Twitter logos

By Nate Raymond and Jonathan Stempel

NEW YORK

(Reuters) – Twitter Inc was sued for $124 million on Wednesday by two companies that said the social media darling defrauded it into pushing forward with a doomed private sale of its shares to stoke investor interest for its initial public offering.

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 means to give the money-losing company a $10 billion market valuation and higher IPO price.

“Twitter never intended to complete the offering on behalf of Twitter stockholders, in the private market, thereby causing substantial damages to the plaintiffs in the loss of commissions, fees and expenses, as well as through their business reputation,” the lawsuit said.

The financial firms seek $24.2 million of compensatory damages, $100 million of punitive damages, and other remedies.

Jim Prosser, a spokesman for Twitter, did not immediately respond to a request for comment.

The lawsuit comes as anticipation builds for Twitter’s IPO, widely considered the most highly awaited since Facebook Inc went public in May 2012….Read more

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