A lawsuit was filed on behalf of investors in Snap Inc (NYSE:SNAP) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/28/2019 -- The Shareholders Foundation announces that an investor, who purchased shares of Snap Inc (NYSE:SNAP), filed a lawsuit over alleged Securities Laws violations by Snap Inc in connection with certain allegedly false and misleading statements made between March 2, 2017 and May 15, 2017.
Investors who purchased shares of Snap Inc (NYSE:SNAP), have certain options and for certain investors are short and strict deadlines running. Deadline: January 31, 2019. NYSE:SNAP investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of investors, who purchased Snap Inc (NYSE:SNAP) securities or otherwise acquired Snap Inc (NYSE:SNAP) securities pursuant and/or traceable to Snap's initial public offering on or about March 2, 2017 (the "IPO" or the "Offering"), and/or on the open market between March 2, 2017 and May 15, 2017, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that Snap's reported user growth was materially false and misleading, and that as a result, Snap's public statements were materially false and misleading at all relevant times.
Snap Inc., formerly Snapchat, Inc., went public in March 2017 and sold 200 million shares of stock in its initial public stock offering (the "IPO"), raising $3.4 billion in new capital. Snap's stock reached as a high of $29.44 on March 3, 2017
On May 10, 2017 Snap Inc reported its first quarter 2017 results and revealed a massive quarterly loss of $2.2 billion. Snap Inc realized an enormous amount of stock-based compensation to employees which accounted for nearly $2 billion of that total. However, even after subtracting stock-based compensation, Snap Inc still lost more money than expected in the first quarter. The Company reported an adjusted EBITDA loss of $188.2 million, more than its revenue total and higher than the average analyst estimate of $180.7 million loss. Snap Inc's Q1 revenue was $149.6 million lower than the $158 million analyst consensus estimate.
Those who purchased shares of Snap Inc (NYSE:SNAP) have certain options and should contact the Shareholders Foundation.
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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