INVESTOR ACTION ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Snap, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
01/12/2019 | 12:31pm EDT
LOS ANGELES, Jan. 12, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Snap, Inc. (“Snap” or “the Company”) (NYSE: SNAP) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares pursuant to and/or traceable to Snap’s Initial Public Offering (“IPO”) on or about March 2, 2017, or on the open market between March 2, 2017, and May 15, 2017, are encouraged to contact the firm before January 31, 2019.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Snap’s user growth as reported by the company to the market was false and materially misleading. In fact, the Company faced a lawsuit from a former employee that alleged 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.” Based on these facts, the Company’s statements were false and materially misleading throughout the IPO and class period. When the market learned the truth about Snap, investors suffered damages.