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Twitter Sued for $124 Million Over Private Share Sale

Twitter Inc. was sued for $124 million by two financial firms that claim the Internet company engineered a failed private sale of its shares in 2012 to strengthen its hand in preparation for its initial public offering.

The firms, Precedo Capital Group Inc. and Continental Advisors SA, sued today in Manhattan federal court, claiming Twitter fraudulently used the aborted sale, planned for as much as $278 million worth of shares, to set a $10 billion valuation for itself and a floor price for the IPO that’s just days away.