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>What might the SEC and shareholders do in response?

If shareholders believe this, they can do a variety of things such as sell the stock (smaller holders), or demand answers from leadership that go beyond "Yeah, we're secure" (bigger holders such as Saudi Arabia).

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Some options that shareholders would have in the situation where investors were knowingly deceived by false disclosures of a publicly traded company are missing from this response.

Namely, the ability for shareholders to sue Twitter.

Their disclosures are similar to this: we check for bots, use a process, the process could be wrong.

Mudge alleges that their disclosures were a less than good faith attempt to gauge the figure.

Mudge also raises a number of allegations not pertaining to bots, including that Twitter has deliberately failed to abide by the terms of a federal consent decree. If proven out, that fact alone would constitute material adverse affect.

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