Snap Inc.

Snap Inc.

Ticker: SNAP

Class Period Start: 07/22/2021

Class Period End: 10/21/2021

Registration Deadline: 01/10/2022

Snap Inc. (“Snap” or the “Company”) develops the popular smartphone application Snapchat and offers advertising services within the Snapchat app.

On October 21, 2021, Snap reported its third-quarter 2021 earnings, which missed revenue expectations. Snap cited Apple’s privacy changes as a source of disruptions to the Company’s advertising business.

On this news, Snap’s stock price fell $19.97 per share, or 26%, to close at $55.14 per share on October 22, 2021, damaging investors.

A securities class action has been filed against Snap on behalf of shareholders that purchased Snap shares between July 22, 2021 and October 21, 2021.  This case has been filed in the U.S. District Court for the Central District of California.

The Complaint alleges that the earnings report statements  were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (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.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

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