Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Snap To Contact Him Directly To Discuss Their Options
NEW YORK, NY – (NewMediaWire) – December 19, 2021 – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Snap, Inc. (Snap or the Company) (NYSE: SNAP) and reminds investors of the January 10, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Snap stock or options between July 22, 2020 and October 21, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SNAP.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Apples privacy changes would have, and were having, a material impact on the Companys advertising business; (2) Snap overstated its ability to transition its advertising with Apples privacy changes; (3) Snap knew of, but downplayed, the risks of the impact that Apples privacy changes had on the Companys advertising business; (4) Snap overstated its commitment to privacy; and (5) as a result of the foregoing, Defendants public statements and statements to journalists were materially false and/or misleading at all relevant times.
On October 22, 2021, Snap filed its third quarter 2021 report for the period ending September 30, 2021 with the SEC on Form 10-Q (the 3Q21 Report), disclosing the Companys weaker-than-expected revenue and weaker-than-expected guidance because of its advertising business, including due to Apples privacy changes.
Further, the 3Q21 Report disclosed the risks of heighted restrictions on the Companys access and use of user data due to Apples privacy update materialized.
On this news, Snaps stock price fell $19.97 per share, or 26%, to close at $55.14 per share on October 22, 2021, damaging investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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 Snaps conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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