Twitter shareholders filed a proposed class action accusing the Tesla mogul of profiting off of his failure to notify financial regulators of his stake in the company.
Musk started to acquire shares of Twitter beginning in January. Four months later, he had acquired more than a 5 percent ownership stake.
Musk instead continued to amass Twitter shares. He waited until April 4 after acquiring 9.1 percent of the company before filing the required disclosures. The lawsuit claims a violation of a federal securities law, specifically a provision that requires disclosure when an investor buys at least 5 percent of a company. It seeks to represent investors who sold stock between March 24 and April 1.
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