SOUTH ORANGE, N.J.--(BUSINESS WIRE)--Arons & Arons, LLC announces that a class action lawsuit has been filed against Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP) on behalf of investors who purchased or otherwise acquired Snap securities between March 2, 2017 and May 15, 2017, inclusive (the “Class Period”). Snap investors have 60 days from May 16, 2017 to seek to be appointed a lead plaintiff representative of the class.
Investors who purchased Snap securities during the Class Period are encouraged to contact Jeffrey S. Arons, Esquire at (973) 762-0795 or at firstname.lastname@example.org. For additional information please visit https://www.aronslaw.net/snap-inc
On May 10, 2017, Snap issued its first quarterly report as a public company and disclosed disappointing user growth at the Company’s Snapchat messaging platform. For the quarter, Snap reported 166 million daily users, only 8 million more than in the previous period and only 44 million more than the same period in the prior year – Snapchat’s slowest year-to-year growth rate in at least two years. On this news, Snap’s share price fell $4.93, or over 21%, to close at $18.05 on May 11, 2017.
Subsequently, on May 16, 2017, Bloomberg reported that a former Snap employee filed a lawsuit against Snap “claim[ing] he was fired after three weeks on the job for raising questions about allegedly false growth metrics [and] seeking whistleblower protection against retaliation by [the] company.”
Arons & Arons, LLC provides representation for investors who have been victimized by securities fraud. Our attorneys understand the financial and emotional trauma that securities fraud can cause, and we are relentless in our efforts to hold corporate wrongdoers accountable and obtain compensation for our clients. For over 30 years our attorneys have provided personal, accessible, and effective legal representation for our clients. For additional information about Arons & Arons, LLC please visit https://www.aronslaw.net/securities-fraud.
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