US SEC sues Elon Musk over late disclosure of Twitter stake
U.S. Securities and Exchange Commission for having failed to timely disclose purchasing more than 5% of Twitter's common stock in March 2022.
In a complaint filed in Washington, D.C., federal court, the SEC said the delay allowed Musk to continue buying Twitter shares at artificially low prices, allowing him to underpay by at least $150 million.
The SEC wants Musk to pay a civil fine and disgorge profits he was not entitled to.
Alex Spiro, a lawyer for Musk, in an email said: «Mr. Musk has done nothing wrong and everyone sees this sham for what it is.»
An SEC rule requires investors like Musk to disclose within 10 calendar days when they cross a 5% ownership threshold.
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