Pope Trading v. Twitter CA1/4
Pope Trading, LLC (Pope Trading) contends that Twitter, Inc. (Twitter) is liable for losses that Pope Trading sustained while trading Twitter stock on April 28, 2015, after news of Twitter’s unfavorable quarterly earnings was disclosed to the public. Pope Trading’s theory of liability is that Twitter made a negligent misrepresentation of fact by announcing that financial information about its quarterly earnings would be released after the close of the trading day on April 28, 2015, when it did not take reasonable steps to prevent an early release of that information. The trial court sustained Twitter’s demurrer without leave to amend. We affirm the judgment.
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