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Twitter promises reforms in proposed settlement of shareholder suits

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Twitter Inc. on Monday announced a proposed settlement of three shareholder lawsuits that accused executives of falsely reporting user growth and engagement metrics, in some cases projecting growth that failed to materialize.

Under the proposed deal, the San Francisco company’s board of directors would not pay a financial penalty but would be required to adopt greater oversight of corporate strategy and risk, and enhance controls and disclosures. For example, if the board intends to add a member, it would have to add an independent director and consider diversity in doing so. The board would also create an independent chief compliance officer position responsible for…



Source marketwatch.com

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