NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Snap Inc. securities (NYSE: SNAP): (1) pursuant and/or traceable to Snap’s initial public offering on or about March 2, 2017; and/or (2) publicly traded on the open market from March 2, 2017 through May 15, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Snap investors under the federal securities laws.
To join the Snap class action, go to http://www.rosenlegal.com/cases-1126.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Snap’s reported user growth was materially false and misleading; and (2) as a result, Snap’s public statements were materially false and misleading at all relevant times. On May 10, 2017, Snap during aftermarket hours disclosed disappointing user growth in its first quarterly report. For the quarter, Snap reported 166 million daily users, only 8 million more than 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, shares of Snap fell $4.93 per share or over 21% to close at $18.05 per share on May 11, 2017, damaging investors.
On May 16, 2017, Bloomberg reported that a former Snap employee 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 [and] seeking whistleblower protection against retaliation by [the] company.” On this news, shares of Snap fell $0.02 per share to close at $20.72 per share on May 16, 2017, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 17, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1126.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked # 2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.