LOS ANGELES–(COMMERCIAL THREAD) –Glancy Prongay & Murray LLP (“GPM”), Announces that it has filed a Class Action in the United States District Court for the Central District of California, captioned Buscaglia et al. vs. Snap Inc., et al., (Case No. 22-cv-175) on behalf of the persons and entities who have purchased or otherwise acquired Snap Inc. (“Snap” or the “Company”) (NYSE: BREAK) Snap securities and / or put options that have been sold, between July 22, 2020 and October 21, 2021, inclusive (the “Remedy Period”). The plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Instant investors have up to January 10, 2022 file an application as the principal applicant.
If you have suffered a loss on your Snap investments or would like to inquire about potential claims to recover your loss under federal securities laws, you can submit your details to www.glancylaw.com/cases/snap-inc/. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] or visit our website at www.glancylaw.com to find out more about your rights.
On October 21, 2021, Snap reported weaker-than-expected third quarter results due to Apple’s privacy update, revealing that “the changes negatively affected our targeting, measurement and optimization capabilities , and in turn affected our ability to measure the effectiveness of advertisements on our services.The company revealed that the demand for its advertising products had decreased, and therefore its prices, which could cause serious harm to its business.
Following this news, Snap’s stock price fell $ 19.97, or 26%, to close at $ 55.14 per share on October 22, 2021, hurting investors.
The lawsuit filed in this class action lawsuit alleges that throughout the class action period, the defendants made materially false and / or misleading statements, and did not disclose material adverse facts regarding the business, operations and matters. perspectives of the company. Specifically, the Defendants failed to disclose to investors that: (1) Apple’s privacy changes would, and have, a material impact on the Company’s advertising activities; (2) Snap overestimated its ability to evolve its advertising with Apple’s privacy changes; (3) Snap was aware of, but downplayed, the risks of the impact Apple’s privacy changes have had on the Company’s advertising activities; (4) Snap has overstated its commitment to privacy; and (5) because of the foregoing, the defendants’ public statements and statements to reporters were materially false and / or misleading at all material times.
If you have bought or otherwise acquired Snap securities, and / or sold put options, during the Recourse Period, you can bring the matter before the Court no later than January 10, 2022 ask the Court to appoint you as the principal plaintiff. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.