World News: 15:42 GMT Monday 14th January 2019. [Faruqi & Faruqi LLP via Globe Newswire via SPi World News]
NEW YORK, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Snap, Inc. (“Snap” or the "Company")(NYSE:SNAP) of the January 31, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Snap common stock between March 2, 2017 and August 10, 2017 (the “Class Period”) and/or traceable to the Company’s March 2017 initial public offering. The consolidated complaint in the case, , No. 17-cv-03679, was filed on November 1, 2017, and is currently before United States District Judge Stephen V. Wilson.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by, among other things: 1) concealing material information regarding the true nature and extent of how competing platforms, particularly Instagram, impacted Snap's core-business and user growth; 2) failing to disclose a lawsuit brought against the Company filed by its former employee, Anthony Pompliano; and 3) misrepresenting the Company’s use of “growth hacking” to artificially inflate its daily active user numbers.
As the truth gradually emerged, the price of Snap’s common stock fell causing harm to investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is sufficiently adequate and typical of class members to represent the putative class, and who directs and oversees the litigation on their behalf. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Snap's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Globe Newswire: 15:42 GMT Monday 14th January 2019
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