A lawsuit was filed on behalf of investors in Snap Inc (NYSE:SNAP) shares over alleged securities laws violations. Deadline: July 17, 2017. NYSE:SNAP investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/06/2017 -- An investor, who purchased shares of Snap Inc (NYSE:SNAP), filed a lawsuit against Snap, Inc, formerly Snapchat, Inc., over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Snap Inc (NYSE:SNAP) have certain options and for certain investors are short and strict deadlines running. Deadline: July 17, 2017. NYSE:SNAP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
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.
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. Shares of Snap Inc (NYSE:SNAP) declined to as low as $17.59 per share on May 11, 2017.
On June 5, 2017, NYSE:SNAP shares closed at $20.21 per share.
Those who purchased shares of Snap Inc (NYSE:SNAP) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com