The Klein Law Firm Reminds Investors of a Class Action Filed on Behalf of Snap Inc. Shareholders & a Lead Plaintiff Deadline ...
07 6월 2017 - 11:55PM
Business Wire
The Klein Law Firm announces that a class action complaint has
been filed on behalf of shareholders of Snap Inc. (NYSE: SNAP) who
purchased shares (1) pursuant and/or traceable to Snap’s initial
public offering on or about March 2, 2017 and/or (2) between March
2, 2017 through May 15, 2017. The action, which was filed in the
U.S. District Court for the Central District of California, alleges
that the Company violated federal securities laws.
The complaint alleges that throughout the class period
Defendants issued materially false and/or misleading statements
and/or failed to discloses that: (1) Snap’s reported user growth
was materially false and misleading; and (2) as a result, Snap’s
public statements were materially false and misleading at all
relevant times.
On May 10, 2017, Snap disclosed disappointing user growth in its
first quarterly report. For the quarter, Snap reported 166 million
daily users, only 8 million more than the previous period and only
44 million more than the same period in the prior year. On this
news, shares of Snap fell $4.93 per share or over 21% to close at
$18.05 per share on May 11, 2017. On May 16, 2017, Bloomberg
reported that a former Snap employee 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.”
Shareholders have until July 17, 2017 to petition the
court for lead plaintiff status. Your ability to share in any
recovery does not require that you serve as lead plaintiff. You may
choose to be an absent class member.
If you suffered a loss during the class period and wish to
obtain additional information, please contact Joseph Klein, Esq. by
telephone at 212-616-4899 or visit
http://www.kleinstocklaw.com/pslra-sa/snap-inc?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also
practiced as a Certified Public Accountant. Mr. Klein represents
investors and participates in securities litigations involving
financial fraud throughout the nation. Attorney advertising. Prior
results do not guarantee similar outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20170607005912/en/
The Klein Law FirmJoseph Klein, Esq., 212-616-4899Fax:
347-558-9665www.kleinstocklaw.com
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