SNAP DEADLINE: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Snap Inc. of Deadline in Securities Fraud Class Action Lawsuit

RADNOR, Pa .– (BUSINESS WIRE) – 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 accuses Snap of violating federal securities laws, including omissions and fraudulent misrepresentations in relation to the company’s advertising business. Snap investors have suffered significant losses as a result of Snap’s materially misleading statements to the marketplace.

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CLICK HERE TO SUBMIT YOUR SNAP LOSSES

TOURING DEADLINE FOR APPLICANTS: January 10, 2022

COURSE PERIOD: July 22nd, 2020 to October 21st, 2021

CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:

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

REFERRED MALFUNCTION BY SNAP

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 2020, Apple Inc. (“Apple”), which develops and maintains the popular iOS mobile operating system for its mobile devices, publicly announced new data protection features for iOS as part of an ongoing data protection push. Following that announcement, Snap has continually downplayed and misled investors about the impact Apple’s new privacy features would have on its business. In April 2021, Apple released the new data protection functions for iOS.

The truth emerged on October 22, 2021 when Snap filed its report for the third quarter of 2021 for the period ending September 30, 2021 on a Form 10-Q, showing Snaps weaker-than-expected earnings and weaker-than-expected forecasts due to its Advertising business, due to Apple’s privacy changes. In the report, CEO Evan Spiegel announced that Snap’s advertising business was allegedly affected by the recent privacy changes Apple introduced to its iOS mobile operating system in June and July. In particular, Spiegel claimed that “the new measurement solution provided by Apple is not scaling as expected, making it difficult for our advertising partners to measure and manage their advertising campaigns for iOS.” Following this news, Snap’s share price fell $ 19.97 per share, or 26%, to close at $ 55.14 per share on October 22, 2021.

WHAT CAN I DO?

Snap investors can by January 10, 2022 at the latest, attempt to be appointed as lead class representative by 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.

CLICK HERE TO SIGN UP FOR THE CASE

Who can be a lead plaintiff?

A lead plaintiff is a representative party who acts on behalf of each of the class plaintiffs 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 earned a worldwide reputation for excellence and reclaimed millions 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.

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