SAN DIEGO, November 13, 2021 / PRNewswire / – The Robbins Law Firm Geller Rudman & Dowd LLP announces that buyers of Snap Inc. (NYSE: SNAP) securities are between July 22, 2020 and October 21, 2021, inclusive (the “Class Period”) has to January 10, 2022 Appointment as lead plaintiff in Black v. Snap Inc., No. 21-cv-08892 (CD Cal.). Started on November 11, 2021, the Snap class action lawsuit accuses Snap and some of its top executives of violating the Securities Exchange Act of 1934.
If you would like to act as the lead plaintiff in the Snap Class Action, please provide your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800 / 449-4900 or by email at [email protected]. Motions by lead plaintiffs for the Snap class action must be no later than. be submitted to the court January 10, 2022.
CASE ALLEGATION: Snap relies on user data for its advertising business. In June 2020, Apple Inc. announced new privacy features for iOS, its mobile operating system for the iPhone. In April 2021, Apple has released the new data protection features for iOS.
Snap’s class action alleges that, during the class action period, defendants made false and misleading statements and failed to disclose: (i) Apple’s privacy changes have and materially impacted Snap’s advertising business; (ii) Snap has overrated its ability to adapt its advertising with Apple’s privacy changes; (iii) Snap understood but downplayed the risks of the impact of Apple’s privacy changes on Snap’s advertising business; (iv) Snap has overrated its commitment to privacy; and (v) as a result, the public statements made by Defendants and to journalists at all relevant times were materially false and / or misleading.
on October 21, 2021, Snap announced weaker than expected revenue and forecast due to its advertising business, including Apple’s privacy changes. Snap also disclosed the risks of severe restrictions on access and use of user data by Snap as a result of Apple’s privacy update, revealing that “Changes have adversely affected our targeting, measurement and optimization capabilities and, in turn, our ability to improve the effectiveness of Measure advertising “. on our services. This has resulted in, and is likely to continue to have, decreased demand and prices for our promotional products and could seriously damage our business. “On this news, Snap’s share price fell 26%, hurting investors.
LEAD ACTION: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Snap securities during the class action period to seek appointment as the lead plaintiff in the Snap class action. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all the other group members in leading the Snap class action. The lead plaintiff can choose a law firm of their choice to bring the Snap class action lawsuit. An investor’s ability to participate in a possible future recovery of the Snap class action lawsuit does not depend on whether or not they act as the lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller attorneys have achieved many of the largest shareholder reclaims in history, including the largest stock class recovery reclaim of all time – $ 7.2 billion – in relation to Enron Corp. Sec. Lit. Robbins Geller was ranked # 1 in recovery in the 2020 ISS Securities Class Action Services Top 50 Report $ 1.6 billion for investors in the past year, more than double the amount collected from all other securities plaintiffs. More information is available at http://www.rgrdlaw.com.
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
SOURCE Robbins Geller Rudman & Dowd LLP