Twitter just isn’t as popular as it promised.
Bloomberg reports that shareholder Doris Shenwick claims Twitter executives misled investors by promising unrealistic growth projections.
Back in 2014, the site was projecting regular growth to a point of 550 million users in the “intermediate” term, aiming to exceed a billion active users as a long term goal. However, Twitter has been struggling to attract new users for a while, dipping from 316 million last summer to 313 million active users today.
Shenwick wants to bring a class-action lawsuit with other shareholders who bought Twitter stock between February 6, 2015 and July 28, 2015. She filed the suit on Friday in federal court in San Francisco—a public vote of no-confidence in Twitter’s public attempts to draw new users to the site.
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