00:00It's Benzinga bringing Wall Street to Main Street.
00:02A U.S. district judge ruled Tuesday that investors accusing Elon Musk of delaying disclosure
00:07of his Twitter stake may proceed as a class action, according to Reuters.
00:11The judge's decision allows a class action lawsuit, increasing the potential damages
00:16Elon Musk could face compared to individual investor claims.
00:20Musk's attorneys did not immediately respond to Reuters' requests for comment.
00:24Investors led by the Oklahoma Firefighters Pension and Retirement System said Musk missed
00:29a March 24, 2022 SEC deadline to disclose a 5% stake and waited 11 days before revealing
00:36a 9.2% stake.
00:38They said he saved more than $200 million while they sold shares at lower prices.
00:43Musk argued investors could not prove reliance, but the judge said his alleged misrepresentations
00:49affected the share price.
00:50The case is separate from a San Francisco lawsuit where a jury found Musk liable, with damages
00:56pending and an appeal expected.
00:58For all things money, visit Benzinga.com.
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