The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Snap Inc. (NYSE: SNAP) who purchased shares between July 22, 2020 and October 21, 2021. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the Snap lawsuit alleges that (1) Apple’s privacy changes would have, and were having, a material impact on the Company’s advertising business; (2) Snap overstated its ability to transition its advertising with Apple’s privacy changes; (3) Snap knew of, but downplayed, the risks of the impact that Apple’s privacy changes had on the Company’s 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.
Shareholders have until January 10, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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