Today's Tech: Google Nexus 5 smartphone and Android 4.4 KitKat incoming and Twitter sued for $125m ahead of IPO

Twitter has been sued for $124 million (£77 million) by two finance companies that allege the social media giant engineered an aborted private sale of shares in 2012 in order to bolster its position in preparation for its imminent initial public offering. Precedo Capital Group and Continental Advisors claimed in Manhattan federal court this week that Twitter acted fraudulently and used the failed sale of up to $278 million (£173 million) worth of shares, to set the $10 billion (£6.2 billion) plus valuation for the company ahead of the IPO. For more on the story, follow the link above.

Small- and medium-sized businesses (SMBs) have a greatly-inflated sense of cyber security, according to a report published by Mcafee. The survey polled over 1,000 SMB owners, and found that 66 per cent felt confident that their data and devices were safe from hackers, while 77 per cent responded that they have never been hacked. This is in stark contrast to a raft of evidence that SMBs are one of the primary targets of sophisticated and evolving cyber-attacks. In fact, companies with less than 100 employees were the target of 72 per cent of data breaches investigated by Verizon Communications' forensic analysis unit in 2013. Most alarmingly, the study found that 14 per cent of SMBs have absolutely no IT security measures in place.

Not a single UK city averages above the official minimum figure of 24Mbps for superfast broadband, according to new independent research study released today. The report by comparison website uSwitch.com found that of the 50 largest towns and cities, the average broadband speed is only 14.5Mbps, well below the government's target. Telford is the fastest of the urban area at 23Mbps, though major cities like London (16.97Mbps), Birmingham (19.15Mbps), Manchester (18.36Mbps) and Liverpool (17.43Mbps) all fall far short of the government's definition of superfast. This is despite the government's bid to bring superfast broadband to 95 per cent of the UK population by 2017.

The Nexus 5 rumours continued today, with a lengthy rundown of what is supposedly included in the smartphone posted to Reddit. A video of the supposed Nexus 5 has also popped up on YouTube. An individual known as "throwawaynexus5guy" got his hands on what he said is the Nexus 5 and hosted an Ask Me Anything (AMA) on Reddit, answering questions about its features. He didn't have it on hand ("the device could not leave the facility"), but said he would be "returning tomorrow, hope to share more." Among his revelations is that he is "99 percent certain" that the Nexus 5 and KitKat Android update will be unveiled today at $349 (£218). A Twitter user said the same thing - predicting an 8am PT reveal. But neither individual said how they came to this conclusion, and thus far, Google has made no announcements about a possible reveal.