Twitter Stock Jury Verdict — Full Damages Plus Interest (Pampena v. Musk)

Current Status

Claims are open. On March 20, 2026, a federal jury in San Francisco returned a verdict finding that Elon Musk violated Section 10(b) of the Securities Exchange Act of 1934 by making false and misleading statements about his acquisition of Twitter, Inc., and that Twitter's stock price was artificially deflated as a result between May 13, 2022 and October 4, 2022. Class Members who sold Twitter publicly traded stock or call options, or purchased put options, during that window can now submit a Claim Form for the damages the jury awarded, plus interest.

The claim deadline is November 24, 2026 — online submissions must be made, and mailed forms postmarked or received, by that date. The Notice of Verdict gives only the date and does not specify a cutoff time or timezone. Class Counsel say they will apply to the Court for attorneys' fees, expenses, and service awards after the claims process finishes; the hearing date on that request has not been set, and no payment date had been announced as of August 1, 2026.

What Changed Recently?

A trial in Pampena v. Musk, Case No. 3:22-cv-05937-CRB, began March 2, 2026 in the U.S. District Court for the Northern District of California, San Francisco Division. On March 20, 2026, the jury returned its verdict against Musk. The court-approved Notice of Verdict and the Claim Form that followed are what opened the filing window now running to November 24, 2026.

One thing worth understanding before you read any further: this is a verdict, not a settlement. In a typical securities settlement, a defendant pays into a fund without admitting wrongdoing, and claimants receive a fraction of their recognized loss. Here the Notice states that Class Members are entitled to payment of the full damages the jury awarded, plus interest, reduced only by their proportionate share of whatever fees, expenses, and service awards the Court approves. That is an unusual posture for a securities class action and it changes what a claim is worth.

Who Qualifies?

The Class is defined as all persons and entities who sold the publicly traded stock or call options, or purchased the put options, of Twitter, Inc. during the period from May 13, 2022 through October 4, 2022, both dates inclusive, and who suffered damages by Musk's violations of Section 10(b) and of the Exchange Act. Excluded from the Class are Elon Musk and any individuals who previously opted out of the litigation.

Note the direction of the class. Most securities cases compensate buyers who overpaid because a stock was inflated. This one runs the other way: the jury found the price was deflated, so the people who lost money were the ones who sold into it — sellers of common stock, sellers of call options, and buyers of put options. If you held Twitter through the merger without selling in that window, that is not the position this class covers.

Banks, brokerages, and other nominees who sold or purchased these securities for the benefit of clients file through the separate nominee process on the official case website rather than the individual claim form.

How Much Can You Get?

There is no fixed per-person figure and no common fund to divide. The jury awarded a specific damages amount per share and per option contract for each trading day in the Class Period, and your payment depends on which days you transacted and in what volume. The Notice's own worked example: someone who bought 1,000 Twitter shares at any time before May 13, 2022 and sold them on May 18, 2022 would have damages of $7,940 — 1,000 shares multiplied by the $7.94 per share the jury awarded for May 18, 2022 — plus interest, less any Court-approved deductions.

Acquisitions and dispositions are matched on a first-in-first-out basis, and the calculation then depends on how a Class Period sale pairs off: