NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Snap Inc. (“Snap” or the “Company”) (NYSE:SNAP).
The investigation focuses on whether the Company and its executives violated federal securities laws regarding statements made during the Company’s initial public stock offering (“IPO”). On March 2, 2017, Snap conducted its IPO, during which the company sold 200 million shares of common stock for a price of $17.00 per share. Then, on May 10, 2017, the Company announced that it had suffered a net loss of $2.2 billion in its financial results for the first quarter of 2017. The stock has dropped over 20% from its closing price of $22.98 on May 10, 2017.
If you invested in Snap stock or options and would like to discuss your legal rights, click here: www.faruqilaw.com/SNAP. There is no cost or obligation to you.
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