LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP) securities (1) pursuant and/or traceable to Snap’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about March 2, 2017 (the “IPO” or the “Offering”); and/or (2) on the open market between March 2, 2017 and May 15, 2017, both dates inclusive (the “Class Period”). Snap investors have until July 17, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Snap investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On May 10, 2017, Snap reported a first quarter 2017 net loss of more than $2.2 billion. Snap reported 166 million daily users for the quarter, 8 million more than in the previous period and 44 million more than the same period last year, however, this figure represented Snap’s lowest year-to-year growth rate in at least two years.
On May 16, 2017, news agencies reported that a former Snap employee, Anthony Pompliano, had initiated a lawsuit against Snap, asserting that he was improperly terminated for raising questions about misleading growth figures, and seeking whistleblower protection.
The complaint filed in this class action lawsuit alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Snap’s reported user growth was materially false and misleading; and (ii) as a result, Snap’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Snap during the Class Period you may move the Court no later than July 17, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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