GARDEN CITY, N.Y.--(BUSINESS WIRE)--JFJN Law (the “firm) announces the filing of a class action lawsuit against Snap Inc. (“SNAP” or the “Company”) (NYSE:SNAP). Investors who purchased or otherwise acquired shares between March 2, 2017 and May 15, 2017 inclusive (the “Class Period”) are encouraged to contact the Firm in advance of the July 17, 2017 lead plaintiff motion deadline.
If you purchased shares in SNAP during the Class Period, please contact Justin Frankel, Esq. or Jason Newfield, Esq., of JFJN Law, 1-888-459-0507 or click here before July 17, 2017.
There has not been a class certification of this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Class Action Complaint, SNAP made false and misleading statements about its reported user growth. On March 3, 2017, SNAP completed its IPO. On May 10, 2017, Snap disclosed disappointing user growth in its first quarterly report since its IPO with a quarterly loss of $2.2 billion. The reported user growth was the slowest year-to-year user growth rate in at least two years. Because of this news, Snap’s stock price dropped over 21%, or $4.93 per share. Subsequently, on May 16, 2017, a former employee filed a lawsuit claiming he was fired for raising questions about allegedly false growth metrics.
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If you suffered a loss in Snap Inc. you have until July 17, 2017 to request that the Court appoint you as a lead plaintiff. Your ability to share in any recovery does not require you serve as a lead plaintiff.