Twitter Acquisition Litigation

The purpose of the Notice is to inform you of a class action lawsuit now pending in the United States District Court for the Northern District of California (the “Court”) against Elon Musk (“Musk” or “Defendant”) relating to his acquisition of Twitter, Inc. (“Twitter”). This Notice is intended only to advise you that the action has been certified by the Court to proceed as a class action on behalf of certain sellers of Twitter publicly traded common stock and publicly traded call options on Twitter stock and purchasers of publicly traded put options on Twitter stock and your rights with respect to the lawsuit.

The Court has not determined that the Defendant did anything wrong and this Notice is not an admission by the Defendant or an expression of any opinion of the Court concerning the merits of the lawsuit, or a finding by the Court that the claims asserted by Class Representatives Brian Belgrave, John Garrett, and Nancy Price (collectively, “Class Representatives”) in this case are valid. There is no settlement or monetary recovery at this time and there is no guarantee there will be any recovery.

The initial complaint in this action was filed in the United States District Court for the Northern District of California on October 10, 2022. The Court initially appointed Brian Belgrave, Steve Garrett, John Garrett, and Nancy Price as Lead Plaintiffs, and they filed their First Amended Complaint on June 8, 2023 (the “FAC”). Following the Court’s order on the Motion to Dismiss, the FAC now alleges that Defendant violated Section 10(b) of the Securities Exchange Act of 1934, as well as Rule 10b-5, by engaging in securities fraud in connection with Class Members’ sales of Twitter common stock or call options, or purchase of put options, during the Class Period. The FAC further alleges that Defendant artificially deflated the price of Twitter’s publicly traded securities.

On December 11, 2023, the Court issued an Order granting in part and denying in part Defendant’s motion to dismiss. On August 5, 2024, the Court denied Defendant’s motion for judgment on the pleadings. On September 27, 2024, the Court issued an Order granting the motion certifying a Class of all persons and entities who sold the publicly traded stock or call options, or purchased the put options, of Twitter, Inc, appointing Brian Belgrave, John Garrett, and Nancy Price as Class Representatives, and appointing Cotchett Pitre & McCarthy LLP and Bottini & Bottini, Inc. as Class Counsel. Copies of the documents discussed above are available on the Important Documents page.

The Class, as certified by the Court, consists of: All persons and entities who sold the publicly traded stock or call options, or purchased the put options, of Twitter, Inc. during the period from May 13, 2022, through October 4, 2022, both dates inclusive, and who suffered damages by Defendant’s alleged violations of § 10(b) and of the Exchange Act.

Excluded from the Class are any Class members that timely and validly request exclusion as explained in FAQ 8.

If you are still not sure whether you are included in the Class, you can obtain additional information by writing to the lawyers who were appointed Class Counsel in this case at the address set forth in FAQ 12.

You do not need to hire your own lawyer because Class Counsel is working on your behalf. However, you have the right to retain your own personal counsel at your own expense. If you retain separate counsel, your counsel must enter an appearance on your behalf by filing a Notice of Appearance with the Court and mailing it to Class Counsel at the address set forth above on or before July 8, 2025.

In the event there is a recovery by the Class, all costs and expenses, including Class Counsel’s attorneys’ fees, will be paid from that recovery in an amount that is approved by the Court. If there is no recovery, Class Counsel will not receive any attorneys’ fees. Unless you elect to retain your own personal lawyer, by remaining in the Class you will not subject yourself to any direct obligations to pay the costs of the litigation.

If you do nothing and are a Class member, you will be legally bound by all the orders the Court issues and judgments the Court makes in this class action, unless the Court issues an order decertifying the Class or excluding you from the Class at a later date. You do not have to do anything now (other than retain your records in Twitter publicly traded common stock or publicly traded options on Twitter stock, as detailed below) if you want to keep the possibility of obtaining money or any other benefits from this lawsuit. By doing nothing, you are staying in the Class. If you stay in the Class and Class Representative obtains money or any other benefit, either as a result of a court ruling or a settlement, you will be notified about how to apply for your share. Keep in mind that if you do nothing now, regardless of whether Class Representative wins or loses the case, you will not be able to sue Defendant – as part of any other lawsuit – regarding the same factual circumstances and legal claims that are the subject of this lawsuit.

If you choose to remain a member of the Class, you do not need to do anything at this time other than to retain documentation of your transactions in Twitter common stock and/or call/put options on Twitter stock. Should there be a recovery in the future, members of the Class will be required to support their requests to participate in the distribution of any such recovery by demonstrating their membership in the Class and documenting their purchases and sales of Twitter common stock or options on Twitter stock and their resulting damages. For this reason, please be sure to keep all records of your transactions in Twitter common stock and/or options on Twitter stock.

If you want to pursue your own lawsuit or claims against the Defendant regarding the conduct in this case, do not want to be bound by what the Court does in this case, or if you simply do not want to be part of the Class pursuing claims against the Defendant, you must ask to be excluded from the Class. If you exclude yourself from the Class – which also means to remove yourself from the Class and is sometimes called “opting out” of the Class – you will not be legally bound by the Court’s judgments in this class action and will keep any right you may have to later sue the Defendant regarding the claims being made in the case. If you exclude yourself, you also will not get any money or any other benefits from this lawsuit, if there are any.

If you start your own lawsuit against the Defendant after you exclude yourself, you may have to hire and pay your own lawyer for that lawsuit, and you will have to prove your claims. If you do exclude yourself so you can start or continue your own lawsuit against the Defendant, you should talk to your own lawyer because your claims could be subject to a statute barring or limiting your claims for lack of timeliness.

If you wish to be excluded, you must send a written request clearly stating that you request exclusion from the Class in Pampena v. Musk, Case No. 3:22-CV-05937-CRB. Your request for exclusion must: (i) state the name, address and telephone number of the person or entity requesting exclusion; (ii) state the number of shares of Twitter common stock or call options sold, and/or put options purchased, by the person or entity requesting exclusion during the Class Period, and the dates and prices of such purchases and sales; and (iii) be signed by the person or entity requesting exclusion or an authorized representative. Only request exclusion if you do not wish to participate in this class action, wish to retain your rights to pursue your own lawsuit or claims, and do not wish to share in any potential recovery that the Class may obtain. Unless otherwise ordered by the Court, Class members will not have another opportunity to exclude themselves or otherwise opt out of this litigation. You must mail your exclusion request by USPS First-Class Mail, postmarked by no later than July 8, 2025, to:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
ATTN: EXCLUSIONS
P.O. Box 3015
Portland, OR 97208-3015

You cannot exclude yourself from the Class by telephone or by email, and a request for exclusion will not be effective unless it contains all of the information called for by this paragraph and is postmarked by July 8, 2025, or is otherwise accepted by the Court.

If, for the beneficial interest of any person or entity other than yourself, you sold the publicly traded common stock of Twitter or call options on Twitter stock, or purchased put options on Twitter stock, during the period from May 13, 2022, through October 4, 2022, both dates inclusive, you must either: (i) within seven (7) calendar days of receipt of this Notice, request from the Administrator sufficient copies of a Postcard Notice to forward to all such beneficial owners and mail them yourself; or (ii) within seven (7) calendar days of receipt of this Notice, provide a list of the names and addresses of all such beneficial owners to the Administrator at:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
P.O. Box 3015
Portland, OR 97208-3015

If you choose the second option, the Settlement Administrator will send a copy of the Notice to the beneficial owners.

Class Counsel will reimburse the reasonable and actually incurred costs of mailing such Postcard Notice. Reasonable out-of-pocket expenses actually incurred in connection with the foregoing include up to $0.03 for providing names, addresses or email addresses to the Administrator per record; up to a maximum of $0.03 per Postcard Notice mailed by a broker or nominee directly, plus postage at the rate used by the Administrator; or up to $0.03 per Postcard Notice sent by email. A copy of the Notice may also be downloaded here, by calling the Settlement Administrator at 1-888-863-8101, or by emailing the Settlement Administrator at info@TwitterAcquisitionLitigation.com.

To assist the Court and the parties in maintaining accurate lists of Class Members, you are requested to mail notice of any changes in your address to the following address:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
P.O. Box 3015
Portland, OR 97208-3015

If the Notice was forwarded to you by the U.S. Postal Service, or if it was otherwise sent to you at an address that is not current, you should immediately contact the Notice Administrator, Epiq Systems, Inc., at the address above or at 1-888-863-8101 (toll-free) and provide them with your correct address. If the Notice Administrator does not have your correct address, you may not receive notice of important developments in this Action.

If you have questions regarding the Settlement, you may contact the Settlement Administrator at the address below:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
P.O. Box 3015
Portland, OR 97208-3015

This website gives only a summary of the lawsuit and the claims asserted by Class Representatives. For more detailed information regarding the Action, you may review the court documents on the Important Documents page of this website or contact Class Counsel.

Please do not contact the Court regarding this website or the Summary Notice. All questions about this Notice, the Settlement, or your eligibility to participate in the Settlement should be directed to the Settlement Administrator or Plaintiff’s Counsel.

Requests for the Notice should be made to the Settlement Administrator:

Twitter Acquisition Litigation
c/o Epiq Systems, Inc.
P.O. Box 3015
Portland, OR 97208-3015

Inquiries, other than requests for the Notice, should be made to Plaintiff’s Counsel:

Plaintiff’s Counsel
COTCHETT, PITRE & McCARTHY LLP 840 Malcolm Road, Suite 200 Burlingame, CA 94010 www.cpmlegal.com  1-650-697-6000  TwitterInquiries@cpmlegal.com	BOTTINI & BOTTINI, INC. Francis A. Bottini, Jr., Esq. 7817 Ivanhoe Avenue, Suite 102 La Jolla, California 92037 www.bottinilaw.com T 1-858-914-2001  fbottini@bottinilaw.com