Important Investor Reminder: Kessler Topaz Meltzer & Check, LLP Reminds Snap Inc. Investors of Deadline in Securities Fraud Class Action Lawsuit and Encourages Investors with Significant Losses to Contact the Firm | National News

RADNOR, Pa., November 26, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP has announced that a securities class action lawsuit has been filed against Snap Inc. (“Snap”) (NYSE: SNAP). The lawsuit charges Snap with violations of US securities laws, including omissions and fraudulent misrepresentations in relation to the company’s advertising business. As a result of Snap’s materially misleading statements to the marketplace, Snap investors have suffered significant losses.

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CLICK HERE TO SUBMIT YOUR SNAP LOSSES

DEADLINE OF THE LEADING APPLICANT: January 10, 2022

SCHOOL LESSON: July 22, 2020 by October 21, 2021

CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:

James Maro, Esq. (484) 270-1453 or Duty free (844) 887-9500 or email at [email protected]

SNAP’S SPECIFIED FAULT BEHAVIOR

Snap is an American camera and social media company that develops and maintains technological products and services such as the social media application “Snapchat”, a glasses product that connects to Snapchat and records video spectacles, and advertising products such as AR (Augmented Reality) and Snap Ads.

In its filings with the Securities and Exchange Commission, Snap admits that it generates essentially all of its revenue from offering various advertising products on Snapchat, and monetizes its business primarily through advertising based on its user data. In June 2020As part of an ongoing privacy drive, Apple Inc. (“Apple”), which develops and manages the popular iOS mobile operating system for its mobile devices, has publicly announced new privacy features for iOS. Following that announcement, Snap has continuously downplayed and misled investors about the impact Apple’s new privacy features would have on its business. In April 2021, Apple has released the new data protection features for iOS.

The truth arrived October 22, 2021when Snap filed its third quarter 2021 report for the end of the reporting period September 30, 2021 on a Form 10-Q disclosing weaker-than-expected revenue and weaker-than-expected projections from Snap due to its advertising business due to Apple’s privacy changes. In the report, CEO Evan Spiegel announced that Snap’s advertising business was reportedly affected by the latest privacy changes Apple introduced to its iOS mobile operating system in June and July. Specifically, Spiegel claimed that “the new measurement solution provided by Apple does not scale as expected, which makes it difficult for our advertising partners to measure and manage their advertising campaigns for iOS”. Following the news, Snap’s share price fell $ 19.97 per share, or 26% to close at $ 55.14 per share October 22, 2021.

WHAT CAN I DO?

Snap Investors can not later than January 10, 2022, seek to be appointed as lead class agent through Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Snap investors who have suffered significant losses to contact the company directly for more information.

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Who can be a lead plaintiff?

A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. The main plaintiff is usually the investor or small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the group, and those attorneys, if approved by the court, are lead or class plaintiffs. Your ability to participate in a recovery will not be affected by whether or not you wish to be the lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP

Kessler Topaz Meltzer & Check, LLP pursues class action lawsuits in state and federal courts across the country and worldwide. The company has built a worldwide reputation for excellence and reclaimed billions of dollars for victims of corporate fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by companies and trustees. Ultimately, we succeeded if the bad guys pay and you get your wealth back. The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:

Kessler Topas Meltzer & Check, LLP

James Maro, Jr., Esq.

280 König-von-Preußen-Strasse

Radnor, PA 19087

(844) 887-9500 (toll free)

[email protected]

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SOURCE Kessler Topas Meltzer & Check, LLP

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