A Twitter shareholder has sued Elon Musk, alleging that the Tesla CEO withheld information about his investment in the social media platform in order to buy additional shares at lower prices.

Musk allegedly broke securities laws by failing to disclose by March 24 that he had amassed an interest in Twitter of at least 5%, according to the action, which was filed in federal court in Manhattan on Tuesday (ticker: TWTR). According to the lawsuit, Musk's interest in Twitter had reached 5% by March 14, requiring him to publicly disclose his holdings 10 days later, on March 24. Musk didn't file the required notification with the Securities and Exchange Commission until April 4, after his stake had grown to almost 9%.Marc Bain Rasella, a Twitter stockholder, filed the complaint against Musk. He wants the case to be certified as a class action for Twitter stockholders who bought or sold between March 24 and April 1.When Musk submitted the form disclosing his Twitter holdings, the stock rose 27 percent from its April 1 close to $49.97 on April 4, according to Rasella, and investors "missed the following share price increase as the market reacted to Musk's acquisitions."