The Law Offices of Frank R. Cruz reminds investors of the upcoming January 10, 2022 deadline to file a lead plaintiff motion in the case 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”).
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased or otherwise acquired Snap securities during the Class Period, you may move the Court no later than January 10, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220107005137/en/
The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Snap Inc. (SNAP)
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
