Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Snap Inc. (“Snap” or the “Company”) (NYSE: SNAP) securities between July 22, 2020 and October 21, 2021, inclusive (the “Class Period”). Snap investors have until January 10, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Snap investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 21, 2021, Snap reported weaker-than-expected third quarter earnings due to Apple's privacy update, revealing that the "changes have adversely affected our targeting, measurement, and optimization capabilities, and in turn affected our ability to measure the effectiveness of advertisements on our services.” The Company disclosed that demand for its advertising products had reduced, and thus, so had its prices, resulting in potential serious harm to its business.
On this news, Snap’s stock price fell $19.97, or 26.5%, to close at $55.14 per share on October 22, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose: (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.
If you purchased Snap securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211118005234/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
