NEW YORK, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed
against Snap, Inc. (“Snap” or the “Company”) (NYSE: SNAP) and certain of its officers. The class action, filed in
United States District Court, Central District of California, and docketed under 17-cv-03679, is on behalf of a class consisting of
investors who purchased or otherwise acquired Snap securities, seeking to recover compensable damages caused by defendants’
violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Snap securities or otherwise acquired Snap securities: (1) pursuant
and/or traceable to Snap’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s
initial public offering on or about March 2, 2017 (the “IPO” or the “Offering”); and/or (2) on the open market between March 2,
2017 and May 15, 2017, both dates inclusive (the “Class Period”), you have until January 31, 2019 to ask the Court to appoint
you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Snap Inc. is a camera company that provides technology and social media services. The Company develops mobile
camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves
customers worldwide.
On or about March 3, 2017, the Company completed its IPO, issuing 200,000,000 shares and raising net proceeds of
approximately $3.91 billion.
Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) Snap’s reported user growth was materially false and misleading; and (ii) as a
result, Snap’s public statements were materially false and misleading at all relevant times.
On May 10, 2017, post-market, Snap issued its first quarterly report as a public company, disclosing
disappointing user growth at the Company’s 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.
On this news, Snap’s share price fell $4.93, or 21.45%, to close at $18.05 on May 11, 2017.
On May 16, 2017, Bloomberg reported 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.”
On this news, Snap’s share price fell $0.02, or 0.1%, to close at $20.72 on May 16, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80
years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
