RADNOR, Pa., Jan. 24, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a class action lawsuit has been filed against Snap, Inc. (“Snap” or the “Company”) (NYSE: SNAP) on behalf of investors who purchased shares of the Company’s stock between March 2, 2017 and August 10, 2017 (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Snap’s stock during the Class Period may, no later than January 31, 2019, seek to be designated as a lead plaintiff representative in the action.
Snap investors who suffered a financial loss in excess of $100,000 as a result of their Class Period stock purchases are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) prior to January 31, 2019 at (484) 258 – 1585 or (888) 715 – 1740, or online at http://kaskelalaw.com/case/snap-inc/, for additional information about this action and/or to learn how to participate in the action.
On or around March 2, 2017, Snap commenced its initial public offering (“IPO”) of common stock, selling over 200 million shares of stock to investors at $17.00 per share. Following the IPO, shares of Snap’s stock increased in value to over $29.00 per share. However, beginning in May 2017, the Company slowly disclosed to investors, among other things, disappointing financial and operational metrics, including disappointing user growth at the Company’s Snapchat messaging platform. Following these disclosures, shares of the Company’s stock significantly declined in value, causing financial harm to the Company’s investors.
The class action complaint alleges that Snap made materially false and misleading statements to investors during the Class Period concerning: (i) the impact of competition from Instagram, a Facebook subsidiary, on Snap’s core business, including Snap’s Daily Active Users (“DAU”); (ii) the existence and substance of a lawsuit challenging the metrics by which investors and advertisers valued Snap’s platform, and internal control deficiencies at Snap; and (iii) Snap’s misrepresentations concerning its now admitted use of “growth hacking,” a technique use to artificially inflate DAU numbers. The complaint further alleges that, as a result of the foregoing, investors purchased Snap’s shares at artificially inflated prices during the Class Period and suffered financial damages as a result of defendants’ actions.
Snap investors are encouraged to contact Kaskela Law LLC prior to January 31, 2019 for additional information about this action and/or to discuss their legal rights and options. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(888) 715 – 1740
(484) 258 – 1585
skaskela@kaskelalaw.com
www.kaskelalaw.com