SNAP CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Snap Inc. – Lawyer Monthly

LOS ANGELES – (BUSINESS WIRE) – $ SNAP # investors – Frank R. Cruz’s law firm has announced that it has filed a class action lawsuit called Buscaglia et al. In the US District Court for the Central District of California. submitted. v. Snap Inc., et al., (Case No. 22-cv-175) on behalf of any person or entity that has purchased or otherwise acquired securities of Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP) have and / or sold Snap-Put Options between July 22, 2020 and October 21, 2021 (inclusive) (the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have until January 10, 2022 to appoint the court as the lead plaintiff in this lawsuit.

If you are a shareholder who has suffered a loss, click here to participate.

On October 21, 2021, Snap reported weaker-than-expected third-quarter earnings due to Apple’s privacy update, revealing that the “changes have negatively impacted our targeting, measurement, and optimization capabilities and, in turn, impacted our ability to perform Effectiveness of. to measure advertising on our services. ”The company announced that demand for its advertising products, and therefore prices, has decreased, which could potentially cause serious damage to its business.

As a result of this news, Snap’s share price fell $ 19.97, or 26%, to close at $ 55.14 per share on October 22, 2021, hurting investors.

The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and disclosed material adverse facts about the company’s business, operations and prospects. In particular, defendants did not disclose to investors that: (1) Apple’s privacy changes would and will have a material impact on the company’s advertising business; (2) Snap has overrated its ability to adapt its advertising with Apple’s privacy changes; (3) Snap knew about the risks of the impact of Apple’s privacy changes on the company’s advertising business, but downplayed it; (4) Snap has overrated its commitment to privacy; and (5) as a result of the foregoing, Defendants’ public statements and statements to journalists at all relevant times were materially false and / or misleading.

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If you bought Snap Securities and / or sold Snap Put Options during the Class Action Period, you can request the court to appoint you as the lead plaintiff no later than January 10, 2022. You don’t need to do anything at this point to be a member of the class; You can hire a lawyer of your choice or do nothing and remain an absent member of the group. If you have bought Snap Securities and / or sold Snap Put Options, have information about or would like to learn more about these claims, or have any questions about this notice or your rights or interests in relation to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at [email protected], or visit our Website at www.frankcruzlaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

contacts

The Frank R. Cruz law firms, Los Angeles

Frank R. Cruz, 310-914-5007

[email protected]
www.frankcruzlaw.com

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