LOS ANGELES, CA / ACCESSWIRE / June 29, 2017 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Snap Inc. ("Snap" or the "Company") (NYSE: SNAP) regarding possible violations of federal securities laws. Investors who purchased or otherwise acquired Snap shares (1) pursuant and/or traceable to the Company's initial public offering ("IPO") on or about March 2, 2017; and/or (2) on the open market from March 2, 2017 through May 15, 2017 inclusive (the "Class Period"), should contact the firm prior to the July 17, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, during the Class Period, Snap made false and/or misleading statements, and/or failed to disclose, that the Company's reported user growth was materially false and misleading; and as a result, 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, revealing disappointing user growth as well as a net loss of $2.2 billion. The user growth was the slowest year-to-year growth rate in at least two years. When this information was disclosed, Snap's stock price fell materially, which caused investors harm. On May 16, 2017, Bloomberg reported that a former Snap employee, Anthony Pompliano, filed a lawsuit against the Company claiming that he was terminated for raising questions about the allegedly false growth metrics and that he was seeking whistleblower protection from retaliation by Snap.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethics rules.
Contact:
Lundin Law PC
Brian Lundin, Esq.
Telephone: 888-713-1033
Facsimile: 888-713-1125
brian@lundinlawpc.com
http://lundinlawpc.com/
SOURCE: Lundin Law PC
