LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP) concerning possible violations of federal securities laws. Investors who purchased or otherwise acquired shares (1) pursuant and/or traceable to the Company’s false and misleading Registration Statement and Prospectus, issued in connection with its initial public offering (“IPO”) on or about March 2, 2017; and/or (2) on the open market between March 2, 2017 and May 15, 2017 inclusive (the “Class Period”), should contact the firm prior to the July 17, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at firstname.lastname@example.org.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Snap made false and/or misleading statements and/or failed to disclose that the Company’s reported user growth was materially false and misleading; and as a result, Snap’s public statements were materially false and misleading at all relevant times.
On May 10, 2017, after-market hours, Snap revealed its first quarterly report as a public company, revealing disappointing user growth as well as a net loss of $2.2 billion. The user growth was the slowest year-to-year growth rate in at least two years. When this information was disclosed, Snap’s stock price dropped materially, causing investors harm.
On May 16, 2017, Bloomberg reported that a former Snap employee, Anthony Pompliano, filed a lawsuit against the Company claiming that he was fired for raising questions about the allegedly false growth metrics and that he was seeking whistleblower protection against retaliation by Snap.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.