Twitter Investors Seek Nod for $809.5 Million User Metrics Deal

Twitter Inc. and investors who say it misled them about user growth and engagement asked a federal judge in California for permission to move forward with an $809.5 million settlement.

The cash deal, reached “on the literal eve of trial,” will likely rank among the 20 largest securities fraud class action settlements to date, according to a memo the social media platform’s investors filed as part of their bid for preliminary settlement approval in the U.S. District Court for the Northern District of California.

The settlement represents about 24% to 30% of estimated maximum damages, which “falls significantly above the ...