Twitter sued Innisfree M&A because they owed $1.9M in invoices

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• Innisfree M&A claims that it was hired by Twitter to facilitate communication between shareholders and Twitter users last year.
• Musk's acquisition was completed, Innisfree sent Twitter a $1.9 million invoice, which was "processed” a month later.
• According to the suit, Twitter has not replied to Innisfree’s invoice and letters since December.

Innisfree M&A Inc. filed a lawsuit Friday in New York State Supreme Court alleging that Twitter did not pay the advising company over $1.9million for services it performed during the sale last year of Twitter to Elon Musk.

Innisfree claims that it was hired by Innisfree last May to facilitate communication to shareholders regarding the September meeting, in which they would vote for Musk's possible purchase of the social media company.

Innisfree completed its work after the vote to approve Musk's purchase. A few weeks later, a Twitter invoice for $1,902,788 was sent, according to the New York Times. Innisfree claims that it submitted the invoice on September and was informed by the New York Times in October that it had been processed successfully. However, the firm has not yet received payment.

Innisfree stated that Twitter had not reached the company since December, despite two attempts to contact them. This led the Wall Street Journal to file suit for breach of their agreement.

This lawsuit is just the latest in a series of legal and regulatory challenges against Twitter. These include claims of unpaid rent and unpaid bills from private jet companies, among other things.

In a suit filed last month, the landlord of Twitter's San Francisco branch claimed that the company had failed to pay its rent in December and January and that they owed several millions dollars. Another San Francisco landlord was sued for $130,000 in unpaid rent. In January, a real estate firm owned by King Charles III sued Twitter for unpaid rent at a London location.

Charles River Associates filed a lawsuit last month to recover $2 million more in consulting fees. The suit claims that the company provided services to Twitter to advise it during the time that it was still suing Musk for the purchase. This occurred after Musk tried to renege. Charles River Associates claimed in its suit that the suit was dropped after the sale was completed late last year.

Insider reported previously that Musk's drastic cost-cutting measures, including the suspension of rent payments and layoffs, were intended to allow Musk to start paying interest on the $13 Billion in debt he took out to complete the acquisition.

Twitter did not respond to a request for comment Sunday afternoon.

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By: amcdade@insider.com (Aaron McDade)
Title: Twitter sued over $1.9 million invoice that advisory firm Innisfree M&A claims went unpaid
Sourced From: www.businessinsider.com/twitter-sued-19-million-bill-advisory-firm-claims-unpaid-2023-2
Published Date: Sun, 05 Feb 2023 20:47:22 +0000

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