Cases
Snap, Inc. (NYSE: SNAP)
Securities Class Action
Overview
Overview
- Date:
- 5/31/2017
- Company Name:
- Snap, Inc.
- Stock Symbol:
- SNAP
- Class Period:
- FROM 2/28/2017 TO 6/6/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, May 31, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who acquired Snap, Inc. (NYSE: SNAP) securities between February 28, 2017 and June 6, 2017 (the “Class Period”).
On or around March 3, 2017, Snap completed its IPO, issuing 200,000,000 shares and raising net proceeds of approximately $3.91 billion.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding its business, operational, and compliance policies. Specifically, Defendants allegedly 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) consequently, 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, divulging disappointing user growth at its Snapchat messaging platform. For the quarter, Snap reported 166 million daily users, only 8 million more than in 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. Following this news, Snap stock dropped $4.93 per share, or 21.45%, to close at $18.05 on May 11, 2017.
On May 16, 2017, Bloomberg announced that a former Snap employee, Anthony Pompliano, 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." Following this news, Snap stock dropped $0.02 per share, or 0.1%, to close at $20.72 on May 16, 2017.
If you purchased or otherwise acquired Snap securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On or around March 3, 2017, Snap completed its IPO, issuing 200,000,000 shares and raising net proceeds of approximately $3.91 billion.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding its business, operational, and compliance policies. Specifically, Defendants allegedly 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) consequently, 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, divulging disappointing user growth at its Snapchat messaging platform. For the quarter, Snap reported 166 million daily users, only 8 million more than in 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. Following this news, Snap stock dropped $4.93 per share, or 21.45%, to close at $18.05 on May 11, 2017.
On May 16, 2017, Bloomberg announced that a former Snap employee, Anthony Pompliano, 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." Following this news, Snap stock dropped $0.02 per share, or 0.1%, to close at $20.72 on May 16, 2017.
If you purchased or otherwise acquired Snap securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.