Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Snap To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - November 25, 2021) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Snap, Inc. ("Snap" or the "Company") (NYSE: SNAP) and reminds investors of the January 10, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Snap stock or options between July 22, 2020 and October 21, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SNAP.
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As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose 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.
On October 22, 2021, Snap filed its third quarter 2021 report for the period ending September 30, 2021 with the SEC on Form 10-Q (the "3Q21 Report"), disclosing the Company's weaker-than-expected revenue and weaker-than-expected guidance because of its advertising business, including due to Apple's privacy changes.
Further, the 3Q21 Report disclosed the risks of heighted restrictions on the Company's access and use of user data due to Apple's privacy update materialized.
On this news, Snap's stock price fell $19.97 per share, or 26%, to close at $55.14 per share on October 22, 2021, damaging investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Snap's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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