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Oklahoma City, OK (November 16, 2021) – On November 11, 2021, a securities class action lawsuit was filed in the United States District Court for the Central District of California against Snap, Inc. (NASDAQ: SNAP). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is July 22, 2020 through October 21, 2021. More specifically, Snap failed to disclose that (a) Apple’s privacy changes would have, and were having, a substantial impact on the Company’s advertising business; (b) Snap exaggerated its ability to evolve its advertising with Apple’s privacy changes; (c) Snap knew of, but downplayed, the risks of the impact that Apple’s privacy changes had on the Company’s advertising business; (d) Snap overstated its commitment to privacy; and (e) as a result of the foregoing, defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.
The lawsuit seeks to recover damages on behalf of all Snap, Inc. investors who purchased common stock during the Class Period. You may move the Court no later than Monday, January 10, 2022 to serve as a lead plaintiff for the entire Class.
If you wish to obtain further information and participate in this or any other securities litigation, or should you have any questions regarding this notice or preservation of your rights, please contact: Priscilla Scoggins at firstname.lastname@example.org