| Company Name: |
Snap Inc. |
| Court: |
United States District Court for the Central District of California |
| Case Number: |
21-cv-08892 |
| Judge: |
The Honorable George H. Wu |
| Class period: |
July 22, 2020 through October 21, 2021 |
| Security Type: |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Snap Inc. (“Snap”) (NYSE: SNAP) securities between July 22, 2020 and October 21, 2021, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, the 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 Snap’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 Snap’s advertising business; (4) Snap overstated its commitment to privacy; and (5) as a result of the foregoing, the defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.
Current Status of Case:
Lead Plaintiff filed a Notice of Appeal to the Ninth Circuit Court of Appeals on November 28, 2023. On December 20, 2024, the Ninth Circuit reversed the dismissal of the action by the District Court. On February 21, 2025, Defendants filed an Answer to the Third Amended Class Action Complaint. This action is in the discovery phase and is ongoing.
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; 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.