IRVINE, Calif., May 20, 2017 (GLOBE NEWSWIRE) — Khang & Khang LLP (the “Firm”) announces the filing of a class action lawsuit against Snap Inc. (“Snap” or the “Company”) (NYSE:SNAP). Investors who purchased or otherwise acquired shares (1) pursuant and/or traceable to Snap’s false and misleading Registration Statement and Prospectus, issued in connection with the Company’s initial public offering on or about March 2, 2017 (the “IPO”); and/or (2) on the open market between March 2, 2017 and May 15, 2017, are encouraged to contact the Firm in advance of the July 17, 2017 lead plaintiff motion deadline.
If you purchased Snap shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone at (949) 419-3834, or via e-mail at [email protected]
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Complaint, during the Class Period, Snap made false and/or misleading statements about its reported user growth. On May 10, 2017, post-market, Snap issued its first quarterly report as a public company, disclosing disappointing user growth, being the slowest year-to-year growth rate in at least two years. Following this news, Snap’s stock price dropped materially, which harmed investors according to the Complaint. On May 16, 2017, a report was published stating that former Snap employee, Anthony Pompliano, had filed a lawsuit against Snap, “claim[ing] he was fired after three weeks on the job for raising questions about allegedly false growth metrics [and] seeking whistleblower protection against retaliation by [the] company.”
If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at [email protected]
This press release may constitute Attorney Advertising in some jurisdictions.
CONTACT: Contact Joon M. Khang, Esq. Telephone: 949-419-3834 Facsimile: 949-225-4474 [email protected]
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