Elon Musk Faces Class Action Over Twitter Shares Delayed Sec Filing
The paperwork, pursuant to Section 13d of the Exchange Act and SEC rule 13d-1 is required within 10 days of a shareholder gaining 5-percent ownership of a company. In this case, that company is Twitter. According to the complaint, Elon Musk not only didn’t file the paperwork within that timeframe. But also continued to gain shares, up to 9.1-percent before filing. Mr. Musk is said to have filed on April 4 but to have passed the stake threshold on March 24....