| COMPANY |
Snap, Inc. |
| COURT |
United States District Court for the Southern District of California |
| CASE NUMBER |
17-cv-03679 |
| JUDGE |
The Honorable Stephen V. Wilson |
| CLASS PERIOD |
March 2, 2017 and August 10, 2017 |
| SECURITY TYPE |
Common Stock |
Case Background:
On May 16, 2017, the initial complaint in this securities class action was filed against Snap, Inc. (“Snap” or the “Company”), and certain of Snap’s directors, officers and underwriters, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. This action was brought on behalf of all persons who purchased or otherwise acquired Snap Class A common stock between March 2, 2017 and August 10, inclusive, and were damaged thereby.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Snap’s reported user growth was materially false and misleading; and (ii) as a result, Snap’s public statements were materially false and misleading at all relevant times.
Case Status:
On June 7, 2019, Lead Plaintiffs filed a Motion for Class Certification. On November 20, 2019, the Court issued an Order granting the Class Certification Motion. On March 20, 2020, the parties entered into a Stipulation and Agreement of Settlement. On April 27, 2020, the Court issued an Order preliminarily approving the Settlement. On March 9, 2021, the Court Entered Final Judgement approving the Class Action Settlement in the amount of $154,687,500.00.
On June 29, 2022, the Court granted the Motion for Disbursement of Funds. This case has concluded.
The deadline to file a claim is January 25, 2021. If you have any questions or need further information about this settlement, you may go to the following website, www.snapsecuritieslitigation.com/federal, or you can contact the claims administrator, JND Legal Administration at 1-855-958-0630.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.