SNAP CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Snap Inc.

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that it has filed a class action lawsuit in the United States District Court for the Central District of California captioned Buscaglia et al. v. Snap Inc., et al., (Case No. 22-cv-175) on behalf of persons and entities that purchased or otherwise acquired Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP) securities and/or sold Snap put options, between July 22, 2020 and October 21, 2021, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have until January 10, 2022 to move the Court to serve as lead plaintiff in this action.

If you are a shareholder who suffered a loss, click here to participate.

On October 21, 2021, Snap reported weaker-than-expected third quarter earnings due to Apple's privacy update, revealing that the "changes have adversely affected our targeting, measurement, and optimization capabilities, and in turn affected our ability to measure the effectiveness of advertisements on our services.” The Company disclosed that demand for its advertising products had reduced, and thus, so had its prices, resulting in potential serious harm to its business.

On this news, Snap’s stock price fell $19.97, or 26%, to close at $55.14 per share on October 22, 2021, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Apple’s privacy changes would have, and were having, a material impact on the Company’s advertising business; (2) Snap overstated its ability to transition its advertising with Apple’s privacy changes; (3) Snap knew of, but downplayed, the risks of the impact that Apple’s privacy changes had on the Company’s advertising business; (4) Snap overstated its commitment to privacy; and (5) as a result of the foregoing, Defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.

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If you purchased Snap securities, and/or sold Snap put options during the Class Period, you may move the Court no later than January 10, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Snap securities and/or sold Snap put options, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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