PHILADELPHIA--(BUSINESS WIRE)--The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit has been filed on behalf of investors who purchased Snap Inc. (NYSE: SNAP) (“Snap” or the “Company”) securities: (i) issued pursuant and/or traceable to Snap’s initial public offering (“IPO”) on or about March 2, 2017; and (ii) on the open market between March 2, 2017 and May 15, 2017, inclusive (the "Class Period").
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding Snap’s user growth. On May 10, 2017, in its first financial reporting as a public company, Snap reported disappointing user growth for its Snapchat platform. Following this news, Snap stock dropped $4.93 per share, or 21.45%. On May 16, 2017, a report was published stating that former Snap employee, Anthony Pompliano, had filed a lawsuit against Snap, “claim[ing] he was fired after three weeks on the job for raising questions about allegedly false growth metrics. . . .”
If you purchased Snap Inc. securities during the Class Period or in the IPO, you may, no later than July 17, 2017, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court that acts on behalf of other class members in directing the litigation.
If you have sustained substantial losses in Snap Inc. securities during the Class Period, please contact David Felderman at Spector, Roseman & Kodroff, P.C. at firstname.lastname@example.org or 888.844.5862 for a thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time. For more detailed information about the firm please visit http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States and its reputation for excellence has been recognized by courts on numerous occasions.