A San Francisco federal judge rejected Elon Musk’s effort to dismiss a jury verdict finding that he defrauded Twitter investors during his purchase of the company.
By yourNEWS Media Newsroom
A federal judge on Monday refused to throw out a recent jury verdict finding that Elon Musk defrauded Twitter investors during his acquisition of the social media company.
U.S. District Judge Charles Breyer in San Francisco rejected Musk’s bid to dismiss the verdict, allowing the investors’ case to stand despite finding that Musk was not liable for one of the tweets challenged in the lawsuit.
Breyer also denied Musk’s motion to decertify the investor class, preserving the group’s ability to proceed collectively in the case.
The judge granted the investors’ request for prejudgment interest, adding another potential financial consequence for Musk after the jury’s decision.
The ruling marks a setback for Musk, the world’s richest person, in litigation tied to his purchase of Twitter. The verdict found that Musk defrauded investors during the period surrounding the acquisition, though the court narrowed part of the case by concluding that one of the challenged tweets did not create liability.
The decision keeps the investor class intact and leaves the verdict in place as the case moves into its next phase.
Original article
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