SNAP Kaskela Law LLC Announces Class Action Lawsuit Against Snap, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm – SNAP
01/12/2019 | 02:20pm EDT
RADNOR, Pa., Jan. 12, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a class action lawsuit has been filed against Snap, Inc. (“Snap” or the “Company”) (NYSE: SNAP) on behalf of investors who purchased the Company’s common stock between March 2, 2017 and May 15, 2017 (the “Class Period”).
Investors who purchased Snap’s common stock during the Class Period and suffered a financial loss in excess of $100,000 as a result of such purchases are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740 to discuss their legal rights and options. Additional information about this action may be found at http://kaskelalaw.com/case/snap-inc/.
The class action complaint alleges that Snap and certain other defendants made materially false and misleading statements to investors during the Class Period about the Company’s business, operations, and user growth.
On May 10, 2017, Snap issued its first quarterly financial and operational report as a public company, and therein disclosed to investors, among other things, disappointing user growth at the Company’s Snapchat messaging platform. Following this news, shares of Snap’s common stock fell $4.93 per share, or nearly 21.5% in value, to close on May 11, 2017 at $18.05 per share.
Subsequently, on May 16, 2017, Bloomberg reported that a former Snap employee, Anthony Pompliano, had filed a lawsuit against Snap, “claim[ing] 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.”
IMPORTANT DEADLINE: Investors who purchased Snap’s common stock during the Class Period may, no later than January 31, 2019, seek to be designated as a lead plaintiff representative of the class.
Kaskela Law LLC exclusively represents investors in state and federal actions throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.